BUT MUH ICO ONLY USECASE

Its so much wider term you eho chamber mongo for instance its p2p lending or self governed currency platforms wich is not "mainstream" financial product thats the whole point

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>Its so much wider term
No it isn't.
DEcentralized FInance.

This means using mainstream financial products (i.e. external data) via the blockchain.
Period.

ONLY WORKING AND ADOPTED PART OF DEFI ATM IS P2P LENDING AND ITS NOT FUCKING MAINSTREAM FINANCIAL PRODUCT IS IT YOU INCEL?

AND IT WORKS FINE WHITOUT LINK WONDER WHY?

AND WHY LINK SHILLS AND BSV SHILLS NEED TO RUIN EVERY TOPIC?

REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

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>lending
>not a mainstream financial product
Are you an actual retard?

You're engaging in what used to be a mainstream financial product, but you're doing it via the blockchain.
(using smart contracts, no less)
And probably the majority of loans will depend on external data (fiat pricing, collateral, contract termination events like death, etc.).

Same with p2p insurance, investment, mortgages, ...

p2p lending is not mainstram product you retard

>If you make lending trough blockchain where lender is bank thats mainstream financial product on blockchain

>If you make lending trough blockchain where lender is random user (so p2p) thats NOT mainstream financial product on blockchain thats defi or as user sad "accessibility and financial inclusion bosted by financial transparency"

How dumba are you really, yes part of defi are legacy products on blockchain but thats not fucking point it can be so much more than we gonna put stocks and shit on blockchain

>p2p lending is not mainstram product you retard
Lending is a mainstream financial product.
p2p lending is a mainstream financial product done via the blockchain.

That's what DeFi is: mainstream financial products done via the blockchain.
It's literally what the name implies.

And DeFi OVERWHELMINGLY requires external data.
Without external data, the only data you can use is time, wallet/transaction identity, and wallet/transaction contents.
Even a simple loan is extremely limited without external data.

Ill draw it to you you tech illiterate mongoloid

>p2p=/=blockchain (it can be)
>decentralised=/=blockchain (it can be)
>p2p=decentralsied (it allways is)

Ill join this user and give up talking to retard lol

>the absolute state of stinks
several defi products have been live for months to years
they collectively use 9 figures worth of crypto
people are earning 10% APY providing liquidity RIGHT THIS MOMENT
and you would know all this if you used the network. if you weren't just a shitcoin peddler, holding your scam token on binance, getting your news from Jow Forums like the normalfag you are

>p2p=/=blockchain
>decentralised=/=blockchain (it can be)
>p2p=decentralsied (it allways is)
When talking about DeFi, we're talking about blockchain.
What planet are you from.

>Ill join this user
You mean the "other" user with the exact same type of broken English as you?

>This LITERALLY means adding external data (currencies, stocks, ...) onto the blockchain.
No, it just means decentralized finance, ie. no trust in the middlemen needed, trust in counterparty optional.
Some use cases require external data, some not.

>Some use cases require external data
Without external data, the only data you can use is time, wallet/transaction identity, and wallet/transaction contents.

>several defi products have been live for months to years
>they collectively use 9 figures worth of crypto
Post some.

Wrong, prices can be taken from dexes.
I don't think the volume is high enough for that be safe, but it's the future.

>prices can be taken from dexes
Dexes don't have fiat, they have stablecoins which (drum roll) rely on external data.

Asset backed stablecoins don't rely on external data, they rely on the trust in the issuer.
DAI relies on the makerdao price oracle, but if dexes even start to account for majority of volume it could be shut off, making the system completely contained inside the chain.

>Asset backed stablecoins don't rely on external data
What "assets" are we talking about?

>DAI relies on the makerdao price oracle
Indeed.
Any fiat stablecoin relies on external data: the price of the fiat currency in question.
Obviously.

>What "assets" are we talking about?
dollars in the bank or bonds
>Any fiat stablecoin relies on external data: the price of the fiat currency in question.
it's not external when it's taken from dexes on the same chain

>Post some.
why should i spoonfeed you, normal?
i'm sitting here with another tab open, listing the most well-known public platforms
all of which is easy to find in a google search even if one knows nothing about it
you know nothing yet act arrogantly, you don't deserve any help. stick to binance, hold your stinks

>dollars in the bank or bonds
That's external data.
Obviously.

>it's not external when it's taken from dexes on the same chain
The data is external.
Just because there's an intermediate step doesn't change that.

>why should i spoonfeed you, normal?
Because no matter how many I post that use external data, you'll just say "I'm talking about other ones".
So post some large DeFi projects that don't use external data.

>That's external data.
Autistic definition, that's not "data", it's trust in the issuer.
>The data is external.
no it isn't by any rational definition of the word

>Autistic definition
lmao no
The price of USD and bonds are external data.

>no it isn't by any rational definition of the word
Of course it is lmao.
The price of USD is not internal to the blockchain.
No way no how.
You have to use (elaborate) systems to get the price of USD onto the blockchain.

No wonder you're struggling; you're retarded.

>The price of USD is not internal to the blockchain.
It's visible on dexes that trade with usd stablecoins, seriously it's not a hard concept.

thats why DAI is so big thing you incel LOL and is literally mascot of defi atm

>and you would know all this if you used the network. if you weren't just a shitcoin peddler, holding your scam token on binance, getting your news from Jow Forums like the normalfag you are

THIS sums it up really nice

>It's visible on dexes
Because dexes use stablecoins.
Stablecoins that use (elaborate) systems to display the price of USD.

Because the price of USD is external data.

You can stop posting any time, it's getting embarrassing.

>Stablecoins that use (elaborate) systems to display the price of USD.
they don't use any "systems", centralized backed stablecoins have an issuer that exchanges them to usd via bank transfers. Price on exchanges is kept at parity by arbitrage, there's no "external data".

>thats why DAI is so big thing
DAI uses oracles.
In fact, DAI is explicitly looking at Chainlink:
wyre-talks.simplecast.com/episodes/fc4e10f3-fc4e10f3

>DAI is literally mascot of defi atm
So the mascot of defi is using oracles in order to use external data.
You don't say.

How utterly embarrassing for you.

>centralized backed stablecoins have an issuer that exchanges them to usd via bank transfers
That's what you call a "system".

The price of USD is external to the blockchain.
The fiat price of any crypto is external to the blockchain.

This is why Chainlink will absolutely blow up.

Even people who are up to their necks in crypto have no idea to what extent external data is absolutely vital.

Your completely useless autistic definition means any use of the blockchain at all is "external data" because it's generated by external entities.

You have no idea what constitutes external data, and what constitutes internal data.
Therefore: you have no idea what a blockchain even is.

Using nothing but internal data, you can transact Bitcoins.
Using nothing but internal data, you can create and shuffle around tokens using a smart contract platform like ETH based on conditions like time, wallet/transaction contents, and exchange rates within said smart contract platform (e.g. how many ETH for erc token X).

For literally everything else, you need external data.
ESPECIALLY for the price of USD, which is pretty much the most iconic piece of external data there is.

>people who are up to their necks in crypto have no idea to what extent external data is absolutely vital.
Correction: they have no idea what external data even is.

>internal data
>and exchange rates within said smart contract platform (e.g. how many ETH for erc token X)
stablecoins are tokens, which means that would be true for usd price too, given large enough dex volume.
How hard can it be to understand?

>stablecoins are tokens, which means that would be true for usd price too
haha what?

Stablecoins use specific methods and systems to represent the value of USD in crypto form.
They do this because the price of USD is EXTERNAL TO THE BLOCKCHAIN.

Go learn the absolute very basic fundamental beginnings of blockchain.

Whole point of your stablecoins narative is retarded because you can have best oracle in world providing most reliable data of price like USDT or USDC but if they arent backed 1:1 you had point of failure before fetching data so oracles are just small part of whole picture

I really sugest you look more into DAI

I do think link is best patch for muh "oracle problem" atm but you link shills are so fucking anoying god damn

Noone sad anything about link you simple minded mongo but there is so much more to it than fetching data same as there is so much more usecases in defi than puting legacy financial products on blockchain

Take usd price from a dex:
compute volume weighted price completely on chain
Take usd price from a centralized exchange:
needs either an oracle that downloads unsigned trade data or data signed by the exchange itself

therefore, dexes obviate the need for price oracles completely

>Whole point of your stablecoins narative is retarded
Only because of your cognitive dissonance.

>I really sugest you look more into DAI
My point is DeFi relies EXTREMELY HEAVILY on external data.

You brought up DAI, a stablecoin that relies on external data through oracles. Explicitly Chainlink even.
ALL stablecoins rely on external data.

>dexes obviate the need for price oracles completely
Except when dexes use stablecoins that rely on oracles lmao.

Also, my point is about EXTERNAL DATA.
ALL stablecoins rely on external data, because the price of USD is external data.

people are dumb dumb

eth will moon when pos is out

we're literally half way through 2019, it's probably less than 6-9 months away

>eth will moon when pos is out
3-5 YEARS AWAY

Add 3-6 months to the multi client public testnet.
It's not even out yet, I have read November.
Knowing that ethereum does everything with a delay, March 2020 for the beacon chain is a realistic prediction.

>defi isn't all about external data
>fiat price isn't external data

This fucking thread, man.