24 Jan 09-45 Vlad Sopov

Eric Voorhees Speaks Up For DeFi: It Is Not Digital Forex

Increased popularity of the decentralized finance sector, or DeFi, has aroused controversy between ‘old hands’ in crypto.

Brad Mills, venture investments partner and host of Magic Internet Money podcast, has attempted to compare cryptocurrency financial institutions to classic instruments. Not everyone is satisfied with the results.

Digital gold, digital forex

Mr. Mills compared Bitcoin (BTC) with digital gold while, for him, major altcoins are digital stocks. Stablecoins act as digital currencies. 

By the way, he showed even less respect for other spheres of cryptocurrency. For him, shitcoins (low-cap altcoins) look like digital penny stocks and DeFi is a sort of digital forex.

Voorhees advocates DeFi

The ShapeShift CEO doesn’t agree with Mr. Mils. Mr. Voorhees emphasized a wide range of DeFi use-cases. He called this sphere ‘a set of open financial services. Loans. Derivatives. Insurance’, thus outlining that it is much more important than Forex.