I want to be extremely clear about it:

#crypto is in a raging bull market because of the Fed. It‘s not because #Defi or $DOGE all of a sudden have any real use. #Yieldfarming is the definition of a pyramid scheme. Just want to disillusion you

Some interesting crypto uses today:

#bitcoin is indeed becoming a highly volatile investment product that institutions are looking at due to the abundance of liquidity. It remains to be seen what is left when the Fed ends QE. Also, $BTC can act as money in unfree societies which is really cool...

... #ethereum, with all its scalability issues (if you think using a network with $150 per tx will become mainstream once the Fed stops printing buy the proverbial bridge), is showing how #crypto can replace clearing houses, how applications can run decentrally, how tokenizing...

... assets like real estate will make them liquid, how art or other rare items could become digital or at least be verified on the #blockchain and how start up financing can move past VC and tab a decentralized pool of crowdfunding which is absolutely amazing and mind blowing...

... #Chainlink is a protocol whose use I understood quite late, but enabling decentralized determination of event outcomes is crazy important in a world where it seems everything is fake news. $LINK can‘t be overstated in terms of relevance to the #blockchain world, though I do...

...wonder sometimes why it needs a token & if that is truly where the value lies.

Otherwise, there are copycats and earlier versions of the above scattered among the #crypto token, plus there are equity-like (hint: full blown securities) token that let you participate in a...

... project‘s profits - whether it is via buyback or staking doesn‘t matter. But most of these and all other #cryptos currently exist only within this world and have no use outside of it. The entire #Defi space is currently a huge pyramid scheme built on other pyramid schemes...

... and I say that without negativity - it’s not a scheme devised by some evil people, it‘s a current use case of crypto token.

You just got to realize that once token $aaCRVYFI no longer has value because the Fed starts taking liquidity out of the system, then $aCRVYFI also...

...loses its value, which makes $CRVYFI worthless, which means nobody stakes their $DAI anymore on #yearn or uses their vaults so that $YFI gets no fees... etc. These are hypothetical cashtags, but the point is: #yieldfarming works as long as what you receive has any value and...

...currently the Fed is outpacing any token inflation. But that can easily change in a few months.

There is nothing wrong with enjoying and participating in the bull market. I do it too - along all avenues including yield farming. But you have to be aware there is a risk to...

... this house of cards. Token with a real world use case (like #bitcoin , $ETH, $LINK) won‘t lose all their value nor will they disappear. But they will be impacted too, so you have to pay yourself along the way during a bull market to survive a bear market....

...For any of your #Defi holdings, ask yourself: which of them actually have a real life use when the pyramid scheme of farming token one for token two disappears and #NFT prices go to 1/10th of today. When a non-crypto friend asks you: what cryptos are there that are truly...

... being used in real life today? What business models have been built that generate revenues that I can participate in with a token (as opposed to equity in the firm offering it)?

Try to find answers to that and you’ll know...

... how dependent this entire move is NOT on „replacing the banks“, but on the Fed continuing to print. Hint: Gambling on value appreciation does not count as a real world use.

Just something to bear in mind as we take out the next #bitcoin ATH (which we will IMO; not advice).