> I’m not even trying to argue that uniswap is not useful or an improvement. Sorry, I misread what you wrote, then. > Instead I’m pointing out that when we co

> I’m not even trying to argue that uniswap is not useful or an improvement. Sorry, I misread what you wrote, then. > Instead I’m pointing out that when we compare defi protocols to the traditional system, the core services are largely the same. Sure, I don't disagree. Why reinvent the wheel if it has already been invented? But... just because the wheel has already been invented, doesn't mean that inventing a "tire" is not novel (because a tire is just a fancy wheel, after all, no?). My point: in many ways, defi is replicating "service-types" that already existed in the traditional financial system (as you say); on the other hand, it is not replicating the exact same services (note: my bank does not allow me to borrow BTC from them) and in the same exact way. In a nutshell, defi is a "copy" of the traditional financial system the same way that "a tire is a copy of a wheel" (i.e. they are clearly not the same thing, and a tire is an innovation over a wheel, but they can also be thought as being "more or less the same thing", since they both are used to make cars move). > Defi is an attempt to allow anyone to participate in the roles which are usually accessible only for institutions. More than that. Even an institution cannot convince a bank to give them a USD loan using BTC as collateral. > That doesn’t mean those roles are just now being invented by uniswap/aave/whatever. Agreed. The same way that, when Dunlop and Goodyear invented tires, they did not try to claim that they had invented wheels. I am not sure you'll find anyone trying to argue that (e.g. that AAVE invented "loaning against a collateral"). > Unrelated Opinion: defi’s practical utility comes from circumventing regulation and adding leverage to a crypto position. (Eg no KYC, selling AAPL tokens, borrow tether against an ETH position to buy more ETH) Not necessarily just that. Even if I have no problems with any regulation that needs circumventing (i.e. I'm not doing anything illegal), and have no need to borrow crypto-assets, the traditional financial system (currently) provides no way to lend crypto-assets. If, for some reason, you have 100 ETH, you're going to use Uniswap et al., and not the traditional financial system (since that's not even an option, currently).