2026-01-04 22:20:42

People often say that the failure of BTCFi is due to false returns, but this statement is not entirely accurate. The real issue lies in the collapse of the balance sheets hidden behind complex structures.

Seemingly glamorous systems are fundamentally problematic. Hidden leverage, repeated collateralization, maturity mismatches—these mechanisms can be maintained in perfect market conditions, but collapse immediately when conditions deteriorate. The so-called high-yield models essentially gamble that the market will never turn. The lesson from BTCFi tells us that any financial innovation built on unstable foundations will eventually pay the price for illusory prosperity.

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PaperHandSister

· 17h ago

Well... Basically, it's a game of pass the parcel; the ball will eventually drop. --- Leverage stacking on top of leverage—who the heck can see through it? Anyway, I can't understand it. --- It's always the same; only after a crash do people regret it. So ironic. --- Playing with maturity mismatches for so long... I'm stunned. --- High return = high risk. Why do some people still not get this? --- Complex structures are just for scammy money grabs, nothing else. --- It sounds like a Ponzi scheme variant, and they want to package it as innovation? --- All the glitz is just bubbles; I've said that long ago. --- Why are people still rushing into the fire... I really can't understand. --- When the balance sheet is pulled apart, the truth is revealed—it's only a matter of time.

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SchrodingerPrivateKey

· 18h ago

Basically, it's just robbing Peter to pay Paul, and you'll be doomed sooner or later. --- Leverage stacking on top of leverage, no one can escape when it crashes. --- I've seen this trick too many times, always claiming they're different haha. --- Open the balance sheet and it's a completely different story, so realistic. --- No matter how good the hype, it can't change the fact that the fundamentals are rotten. --- Always betting the market won't turn? Then get ready to be taught a lesson by the market. --- Complex structures = hiding dirt and filth, it's that simple. --- High yield? Isn't it just high risk disguised as something else? --- Every time it crashes, they say "Didn't see that coming," hilarious, it's just poor planning. --- Mismatched maturities are like a ticking time bomb.

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VitalikFanAccount

· 01-04 22:50

Well said, you see through those people's tricks at a glance. Behind the complex structures, it's all air; once the wind blows, they'll be exposed. --- Leverage layers upon layers, eventually none can escape. When the market is good, everyone can boast; the real challenge is during losses. --- Mismatch of maturities is truly incredible, like patching the east wall with the west wall—eventually, debts must be repaid. --- So, I haven't touched any projects with 100% annualized returns; my intuition tells me there's a trap. --- The most outrageous thing is that some people are still playing with this setup now. I really don't know what they're thinking. --- The term "false prosperity" is used perfectly; it's a big scam by capital. --- Having seen too many collapses, I'm now numb to any new models. --- The key is, why haven't regulatory authorities taken action yet, allowing these wild schemes to continue deceiving people.

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DegenWhisperer

· 01-04 22:49

Basically, it's a Ponzi scheme disguised as a smart contract. --- That kind of over-leverage, it reveals its true nature as soon as the bear market hits, nothing surprising. --- The most ruthless part is the maturity mismatch—borrowing short and lending long—eventually it will blow up. --- High-yield models are just scams, and they even dress them up as financial innovation, hilarious. --- Blaming others for the asset-liability collapse? No one asked when they were making promises. --- Those BTCFi folks are really good at storytelling, until the market turns and everything is exposed. --- Complex structural design = hiding garbage assets. Who can't see through this trick? --- Never turning around? Wake up, isn't the market turning more often than you think? --- Looks like a professional system, but it's just a house of cards. --- Repeated collateralization—play this trick too many times, and someone will come to collect.

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WhaleSurfer

· 01-04 22:48

Basically, it's a game of hot potato; eventually, someone has to take the last turn. --- The fun is here, this is what Web3 really looks like. --- Leverage on leverage, just a paper pyramid. --- I've seen it a long time ago; those 100% annualized things can't possibly be real. --- Complex structures = good things hidden inside; this trick is old and tired. --- Drowning in debt but still boasting about system security—it's really a joke. --- So are people still playing with these things? I just can't understand. --- The mismatch in deadlines directly exposed it; it's completely self-deception.

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FalseProfitProphet

· 01-04 22:22

Basically, it's a Ponzi scheme dressed in new clothes. It was bound to collapse long ago. --- The part about maturity mismatch is truly brilliant—just two words... greed. --- So now, who still dares to touch these high-yield products... I don't believe it anymore. --- Before, some people said I couldn't understand the wonders of BTCFi. Hey, now what? --- Leverage on leverage, isn't that playing with fire... sooner or later, you'll pay the price. --- Repeated use of collateral, this operation is really outrageous... when the market is good, no one questions it. --- No wonder those projects collapse so quickly; they have no backup plan at all. --- The key is, those building it understand well—they just want to gamble and run after winning once. --- Wait, haven't these issues been pointed out long ago? Why are so many still getting caught?

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