I look back to 2017 when in the midst of the first bullish cryptocurrency market stood hundreds, even thousands of fundraising efforts or "ICOs". These Initial coin offerings ranged from marijuana to real estate and everything you can imagine in between. 99% of them are non existent now.
In steps 2021 and in the midst of another bullish market with unprecedented market capitalization there is a new craze (usually scam) at the forefront. DEFI exchanges/staking pools/ etc.
A particular DEFI site with an "IDO" Initial DEFI offering ( they're inventing new acronyms to fly under government regulation) offered somewhere around 600% APR.
Now we saw this same absurdity in 2017. "Compounding 6% daily" and things of that nature. Totally unsustainable. So I'm seeing these type of scams pop up again now with new veneer. That veneer is DEFI.
My question is what will the fallout be for this season of scams, how will regulators treat these greedy people. How much does it hurt the reputation and trust in cryptocurrency. What are some of the totally legitimate DEFI exchanges/companies?
Posted Using LeoFinance Beta
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