I am personally still feeling the disappointed over the hack of wLEO on Uniswap, though I lost no funds directly but the loss for fellow HIVE community members is a loss to me I feel as well and especially having a direct impact on Leofinance a community that have been absolutely impressive in terms of development so far.
So what do I make of DeFi? Is it something to run away from?
Lebedev discussed the power of smart contracts to rebuild the financial system of without bank intermediaries, relieving the system of “greedy bankers” and a huge parasitic class of “fake investors, lawyers, auditors and service personnel, who rule entire states called ‘offshores’ and the countries that are invested in them.
Source
Lebedev is one from the banking sector with 25 years in the banking industry and he believes the current global financial system is leading the world economy to disaster.
According to the source he is working on DeFi, something called Bank 2.0.
It might interest you to give the article a read: UK Media Mogul Calls DeFi a Revolution Against Corrupt Global Banking System
Cryptocurrency/Blockchain/DeFi I feel do have the potential of alleviating poverty around the world, if one looks at the potential deeply you can see the kind of potential crypto/blockchain presents.
But just like we have people with bad intention in the current financial system we have it in crypto as well, people who are just there to exploit and steal from the crypto system.
So DeFi to me isn't a bad idea, it is a great one if we can have better blockchain infrastructures in place, with robust security and less crazy transaction fees like we experiencing on Ethereum.
So maybe in the future things will get better, I kind of feel we are early adopters paving the way for others to follow and so we are prone to the hacks for now until we have better and stronger chains in place.
Cheers
We owe it to ourselves to make Hive great
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We definitely are all early adopters at this point. I think crypto will be the inevitable future of finance. I'm still trying to wrap my head around DeFi but it does seem like the logical next step. It's going to be interesting to see how regulators try to handle this too.
These smart contract hacks and glitches need to be addressed sooner rather than later. This seems to happen far too often and really can't or shouldn't when dealing with financial instruments. More times than not it seems to happen with Ethereum based smart contracts.
I think LEO will recover just fine. It's a strong project with lots of good development. Just a minor hiccup. Still sucks for anyone that lost, but I think the community will recover pretty quickly.
I think so too bro, it is just a technology that is here to stay.
LEO no doubt will recover and surge forward with developments, we get stronger from falling and picking ourselves up and keep striving.