That is exactly what Taraz asked me this morning. Well, crypto, in general, is on a sharp correction, and it is common to get frustrated. However, volatility is something that comes with the rewards of crypto. So, getting to BNB, I think it is getting interesting because it is coming down to a level where it will be attractive to buy.
I reached out to a post I published only about a month back on BNB, and I see that all the levels I thought was interesting there are still valid. As of thing writing BNB is trading $253. It did break the $336 level, but didn't quite get to $185 yet. Also, I must point out, that BNB was $47 on Feb 01, 2021 :) We often forget that. What magical things happened in the last 3 months? Yeah, 50 more new yield farms on BSC. Only probably 2-4 of them are innovative, rest are just copies.
You know the major problem with copy project? Well, if there is a vulnerabilities that is detected, the same vulnerability exits in the copy. Unless the developers of that project deliberately fixed it earlier, or reactively fixed it quickly after the vulnerability is exploited in some other similar project. Obviously you understand that I am talking about the Pancakebunny exploit. The trouble is before that is dealt with in any meaningful way; yesterday there is another similar exploit in Bogged Finance. It is obvious that defi and yield farming is new and providing incredible returns, but so far, there are serious issues with security of the investor funds.
Let us for a few minutes get away from the the chart and BNB and BTC and what Elon said, what he should have said....all these junk. This is a basic finance. If a project take money from an individual for investment purposes, the project don't promise any return, but the project have to promise the security of the investor funds while they remain in the project. This is very basic. I have accounts in multiple centralized brokerages and banks over last 30 years. Not once have a dime of my money has been stolen. Not just that, I haven't heard any other person close to me that their brokerage account is compromised. Have you?
Yet, within the last week alone there are multiple example of exploitation of security within the BSC chain! There is a official list of yield farming project in BSC, can be found here:
https://bscscan.com/yieldfarms
The first thing now you see when you go there is the pop-up message below...
I am comfortable, still, with BSC chain project, but I am here in crypto for 4 years. Please tell me if the first thing an external investor sees is 'rug pull' when he/she comes in to BSC, what kind of confidence that person will get to put their hard earned money? Even me, I hesitate to put any serious money there. Crypto still is less than 5% of my net worth, and likely will be for a long time to come, until these kids grow up!
If decentralization can't give me security, my hard earned money will remain in various wall street brokerages. I know they are crooks, but at least they have never lost my money. I don't need anyone's help to trade, I just need a platform. If these juvenile morons from BSC can't provide that, then they will never get a seat at boardrooms and will always be ridiculed!
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
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