As someone with 6 figures invested In crypto that truely believes crypto is going to change the world.

You’re right.

Defi seems to be an interesting stepping stone but after you remove all the fuzz here’s what’s actually happening.

You give me your eth to hold for a while. I will then use your eth to facilitate other people to exchange their shitcoins at a fee and I’ll give you a those fees.

Why are they exchanging shitcoins? Most likely to perform some degenerate shitcoin gambling.

That’s it. That’s the whole thing.

It’s not like your lending your eth to a farmer that’s going to use your eth to buy a tractor produce 20% more harvest as a result and cut you in on 10% of the profit as interest.

It’s just using your eth to enable and further leverage degenerate shitcoin daytrading.

It’s 2008 but worst because there’s no semblance of regulations. Atleast in 2008 you had some shitty regulator atleast pretending to validate the quality of the home loans… with crypto there isn’t even a “pretend" regulator.

All that said, ICOs were 2017, NFTs and DeFI is 2021.. at some point we’ll get something that produces actual value.