6 ms·

It essentially means that the Code is the product. Everything is visible and public. Every smart contract can be publicly viewed and verified. If the code isn't

It essentially means that the Code is the product. Everything is visible and public. Every smart contract can be publicly viewed and verified. If the code isn't up to scratch, you can review it. If it has an exploit, you can detect it. Whatever it is doing, is transparent. You can't say the same when you deposit money into, say, Robinhood. You don't know what the code is doing with that money.

kaladin_1 5y ago
>> You can't say the same when you deposit money into, say, Robinhood How do you know what the major exchanges are doing as well? By the way, how did the exchanges wind up becoming so powerful and rich. Becoming almost a parallel Wall Street, just a smaller one, in a system that was supposed to ultimately democratise power. Some people with resources managed to emerge at the top in decision making...
- puranjay 5y ago
  You don’t have to use an exchange at all. Decentralized exchanges have been around for quite a while and have massive volume. And their governance is entirely controlled by DAOs
- TimJRobinson 5y ago
  Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum. Once you've onboarded into the decentralized world you can use them at will and eventually you'll be able to live your life without having to use centralized services again.
  - Kbelicius 5y ago
    > Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum. Code is not law and I doubt it can ever be. IIRC ethereum even had that saying on their web page until that stance threatened to lose a lot of money to people with power within ethereum.

6 ms·

It essentially means that the Code is the product. Everything is visible and public. Every smart contract can be publicly viewed and verified. If the code isn't

by puranjay 5y ago

kaladin_1 5y ago
>> You can't say the same when you deposit money into, say, Robinhood How do you know what the major exchanges are doing as well? By the way, how did the exchanges wind up becoming so powerful and rich. Becoming almost a parallel Wall Street, just a smaller one, in a system that was supposed to ultimately democratise power. Some people with resources managed to emerge at the top in decision making...
- puranjay 5y ago
  You don’t have to use an exchange at all. Decentralized exchanges have been around for quite a while and have massive volume. And their governance is entirely controlled by DAOs
- TimJRobinson 5y ago
  Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum. Once you've onboarded into the decentralized world you can use them at will and eventually you'll be able to live your life without having to use centralized services again.
  - Kbelicius 5y ago
    > Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum. Code is not law and I doubt it can ever be. IIRC ethereum even had that saying on their web page until that stance threatened to lose a lot of money to people with power within ethereum.