I was slow to move when the whole DeFi craziness started and I sadly would like to report that I almost 100% missed on this. I already see a huge balloon and I am wondering when it will be ready to pop. I was preoccupied with the Bitcoin's mining hash rate as I have been considering continuing my hobby mining by buying a piece of new generation equipment. Sadly the equation with electricity does not work with me and I am still waiting for this Bitcoin bull run to begin. 

In the meantime, a whole new craziness occurred. We have a whole new gas crisis in our hands. The crazy 2017 seems to be a walk in the park. 

Source: etherscan.io

While I was sleeping and skipping through DeFi articles here, all of a sudden I discovered that we are all over in 2017 again. This time in DeFi and the good old bitcoin. Even Ethereum with its quadrepled price is put to shame in 2020. For example: about a month or so ago the project called Yearn Finance released its YFI token, which went up 2000% in a single day!

So coinbase launched LRC. I wanted to move my great holdings of 7.68 LRC from the Atomic Wallet into Coinbase and.......bahm....I have to spend 6.51 EUR worth in gas fees in order to send my 7.68 LRC worth 1.77 EUR today. So my LRC is stuck in Atomic. As many users I have also decided not to withdraw from Publish0x as well for the time being. 

Most people would say that this is a happy moment in crypto. We see new developments and hyperactivity. Funds should be flowing into the cryptospace. DeFi should return the main purpose of crypto - keep centralized institutions out of the way. These should be good problems to have?

However, in the same situation with what I consider the Bitcoin conundrum resulting from lower mining rewards and ATH at mining hashrate at a relatively flat price, activity like this has led to higher average gas prices in general, making the cost of any ETH transaction tremedously expensive. So Bitcoin has become a coin for the few and large. Same with Ethereum - the universal payment blockchain platform, where his actually contradicts everyone who were trying to argue that using this digital currency  and its blockchain (ERC-20) was cheaper than Visa and PayPal. In the end of the day, no bank will charge you 6 EUR for a 2 EUR transaction.

Now that I have missed on the DeFi craziness, I already believe this is some sort of balloon, which will soon pop. Many will say that I may be a sore loser and I am like the fox claiming that the grapes are sour because I missed to gain. It may be so, however this situation dumbfounds me and I again begin to lose the main points of crypto and its use-case in the first place. First with Bitcoin and now with Ethereum in ERC-20. Nevertheless, I continue to HODL BTC and ETH among others hoping this craziness may eventually transfer to them and the various S2F models turn out to be true for BTC especially.