By Bitcoin Majalah - 1 tahun lalu - Waktu Membaca: 6 menit
Mengapa Bitcoin Tidak Membutuhkan DeFi, Tapi Membutuhkan DeFi Bitcoin
Bitcoin is the most secure network in human history. Without the security and immutability unique to Bitcoin, DeFi will never achieve mass adoption.
Dr. Chiente Hsu is CEO and cofounder of ALEX (Automated Liquidity Exchange), the first complete DeFi exchange on Bitcoin.
Bitcoin is the only way to get truly decentralized finance (DeFi). DeFi hasn’t yet emerged as a game-changing force because it requires fully expressive smart contracts which aren’t possible on the core Bitcoin protocol due to their security trade-offs. However, there are several projects hard at work building layering solutions that allow the variety of smart contracts that have recently made DeFi on Bitcoin sebuah kenyataan.
As Bitcoin DeFi grows, it will allow sovereign collectives to determine their own bitcoin yield curve, increase the capital efficiency of bitcoin as an asset, and accelerate mass adoption and the development of the bitcoin ekonomi.
Benar-Benar Menjadi Bank Sentral Anda Sendiri
We want to be clear that Bitcoin does not need DeFi. Bitcoin existed years before DeFi emerged and Bitcoin will remain should DeFi ever disappear. DeFi, however, needs Bitcoin; without the security and immutability unique to Bitcoin, DeFi will never achieve mass adoption.
Only recently have we discovered bitcoin, the ultimate form of money. What we recognize as modern civilization, however, is not built on top of money but rather on top of finance. Global debt will always exceed physical currency in circulation because of banking systems. Finance includes banking, market places, financial instruments, credit and leverage; currency is just one of several asset classes. Consider that there is about $ 1.5 triliun dolar dari USD fisik yang beredar, namun utang nasional AS saja sudah berakhir $ 30 triliun dolar.
Alasan untuk ini adalah waktu — bukan uang — adalah sumber daya yang paling berharga. Utang — khususnya dalam bentuk hasil dan tingkat bunga — adalah alat tukar untuk nilai waktu uang. Ada orang yang membutuhkan uang hari ini dan bersedia membayar mahal untuk menerimanya. Ada orang yang hanya akan membutuhkan uangnya di masa depan dan bersedia menerima premi sebagai ganti risiko meminjamkannya sampai dibutuhkan.
A favorite phrase among Bitcoiners is that it allows you to “become your own central bank,” because you are holding hard assets and are the only one responsible for the safekeeping of your bitcoin. A bank, however, is more than just a vault. A bank borrows funds from depositors at low interest rates and then invests by loaning out the funds at a higher interest rate, profiting from the spread. Becoming your own central bank means you are responsible not only for the safety of your own bitcoin but also for its productivity as an asset.
Efisiensi modal — atau memaksimalkan produktivitas modal Anda dari waktu ke waktu — adalah mesin keuangan modern dan, pada intinya, adalah suku bunga. Siapa yang saat ini menentukan suku bunga? Bank-bank sentral mengendalikan suku bunga overnight dengan penetapan harga pasar obligasi yang menentukan sisa kurva imbal hasil (imbal hasil yang berbeda pada tanggal jatuh tempo yang berbeda). Dengan menaikkan suku bunga, pinjaman menjadi lebih mahal dan ekonomi melambat. Dengan menurunkan suku bunga, terjadi sebaliknya. Inflasi yang terus-menerus sekarang mengancam stabilitas seluruh sistem.
Bitcoin has allowed for sovereign individuals, and it is inevitable these individuals will join and form sovereign collectives. Bitcoin DeFi will enable these collectives to determine their own sovereign interest rate curves through trustless and decentralized transactions. Through the emergence of a bitcoin yield curve, sovereign collectives will become the “Decentralized Bank of Bitcoin. "
Pinjaman dan Peminjaman Suku Bunga Tetap Dan Jangka Waktu Tetap
Pinjam meminjam yang ada di DeFi saat ini bersifat variabel, artinya imbal hasil yang Anda terima hari ini tidak sama dengan imbal hasil besok atau minggu berikutnya, sehingga menimbulkan ketidakpastian yang signifikan.
Menciptakan obligasi tanpa kupon di DeFi, analog dengan sertifikat deposito yang membayar bunga tetap kepada pemegangnya pada tanggal jatuh tempo yang telah ditentukan diperlukan untuk mengurangi ketidakpastian. Properti keuangan ini dapat dikodekan menjadi token hasil yang dapat dipertukarkan tanpa kepercayaan, membuat pertukaran token ini setara dengan aktivitas pinjam meminjam. Meskipun itu mungkin tidak tampak sangat menarik, dalam arti tertentu, itulah intinya.
Pinjam-meminjam harus menjadi kegiatan yang membosankan, bukan "berisiko", agar ada adopsi massal DeFi. Obligasi adalah batu bata dan mortir keuangan dan, dengan menguasai blok bangunan ini, kami akan dapat secara progresif menciptakan kembali semua keuangan yang lebih tinggi di ruang DeFi.
Bitcoin Borrowing Without Liquidation Risk Through Dynamic Collateral Rebalancing Pools
Lending on all other DeFi platforms works with your collateral being in a single asset pool. If the collateral is bitcoin, the value of your collateral is directly bitcoin’s value, which is highly volatile (approximately six times the average volatility of the S&P 500). If the price of bitcoin drops and your loan-to-value ratio falls below the protocol minimum, you are liquidated, your position sold and you are charged fees as high as 50% of collateral value.
With the risky asset, say bitcoin, going up, the pool will shift toward risk to capture that upside gain. When the market is going down, the pool will shift toward less risk to minimize losses. When the market falls and the pool value goes below a preset threshold, it triggers a “risk off” condition where the balance of the pool is entirely moved into less risk.
This is like having a seatbelt and airbags for your collateral; in an emergency, it will protect the value of your collateral so you don't run the risk of liquidation.
DeFi And The Power Of Bitcoin Manajemen Modal
Dalam hal pendanaan, kelas aset tradisional untuk perbendaharaan perusahaan adalah obligasi korporasi. Melonjaknya inflasi AS akan menghasilkan imbal hasil obligasi yang tinggi, yang berarti pemegang obligasi saat ini akan berlomba untuk keluar karena harga anjlok (hasil obligasi dan harga berbanding terbalik). Perbendaharaan ini akan diwajibkan untuk beralih ke kelas aset alternatif seperti cryptocurrency.
The recent market downturn and bitcoin’s price correlation with tech, shows us that institutional investors perceive bitcoin as a speculative high-risk/high-return asset rather than as a store of value. Fundamentally, they are wrong. Bitcoin is regionally neutral. It is removed from regional monetary and economic policies that direct other asset classes and markets, such as bonds.
As Bitcoin’s market cap grows and regulatory clarity is provided, it will increasingly allow corporate treasury managers to navigate the traditional financial markets during periods of distress or market uncertainty.
Pasar obligasi, bagaimanapun, sangat mahal untuk dimasuki oleh sebagian besar manajer perbendaharaan perusahaan kecil hingga menengah. Persyaratan pembayaran perbankan investasi, biaya hukum dan operasional membuat sulit untuk mengakses pasar obligasi bagi banyak perusahaan kecil hingga menengah.
Bitcoin can resolve this dilemma. Bitcoin’s decentralized foundations ensure that holders do not necessarily need to jump through all the flaming hoops associated with traditional centralized financial services, but the current high volatility is a challenge for treasury management. Therefore, something like dynamic collateral rebalancing, which acts as a smoothing function and limits downside risk, will be a very interesting solution for corporate treasuries to better manage volatility and their cash flow.
Dalam Kesimpulan
At the core of finance is security. As Bitcoin is the most secure network in human history, DeFi needs Bitcoin to displace traditional and centralized finance. Without making a single change to the base layer, Bitcoin DeFi uses the best form of sound money as the foundation for building the new gold standard of finance.
Ini adalah posting tamu oleh Dr. Chiente Hsu. Pendapat yang diungkapkan sepenuhnya milik mereka sendiri dan tidak mencerminkan pendapat BTC Inc. atau Bitcoin majalah.
Sumber asli: Bitcoin majalah