Famous cryptocurrency trader Tone Vays made striking warnings for those who invest in the DeFi industry. Vays suggested that DeFi products such as yield farming were a pyramid scheme.
Bitcoin investor and cryptocurrency trader Tone Vays made a very sharp statement on the YouTube channel of Forklog with Max Bit. Boosting the increasingly popular DeFi industry, Vays likened the current trend to the ICO studies of 2017 and described them as “tricking”. The famous trader, who also evaluated the Fed’s digital wallet opening, argued that it would not be good for US citizens.
DeFi is More Stupid than ICO Bubble
Tone Vays announced that he was strongly against yield farming, one of the most popular models the decentralized finance world has to offer. The DeFi project creators, which can be used for yield farming, only consider filling their own pocket, Vays said. The trader also added that traders taking BTC or ETH as collateral could lower the price of these two biggest cryptocurrencies.
Vays took his criticism further, saying it was stupid to invest in the DeFi industry. Trader argued that after the ICO boom in 2017 resulted in huge losses, those who invest in DeFi applications could face a failure in the same way.
Opposes Fed’s Digital Wallet Move
After his sharp criticism of the famous trader DeFi, he also expressed his views on the digital wallet plan that the Fed is aiming to implement. In order to implement the helicopter money model, the Fed aims to deposit aid money to citizens in digital wallets to be opened in the form of digital USD.
Vays argues that in such a scenario, commercial banks will disappear and all transactions will be under the control of the Fed and thus the government. With such power, the US government will have more rights to take actions such as taxing citizens’ money or freezing their accounts as they wish.