Serious question from a crypto noob - what's the point of defi systems if they're all built on stablecoins and depend on the value of a fiat currency at the end of the day? Especially for permanently-deflationary coins like BTC?
And you can borrow stablecoins for your BTC without selling it.
False premise. Some people are making money, but only at the expense of others. There is no value being created here.
Given it was successful despite being a cargo cult (the plane landed QED), by symmetry the ability to make money with cryptocurrency doesn’t make it not an economic cargo cult.
(One must do more that this to show that it is a cargo cult, rather than that it is still possible for it to be, which I say despite liking the cargo cult comparison and being generally very against cryptocurrency).