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> I wonder if DeFi has some kind of option for an Oracle to a human verification step over a set amount. Sometimes I feel like crypto doesn’t stop to ask if th

> I wonder if DeFi has some kind of option for an Oracle to a human verification step over a set amount. Sometimes I feel like crypto doesn’t stop to ask if the institutions and processes they seek to deprecate exist for a reason? I absolutely believe that blockchain/DLT have some very promising use cases. But so much in crypto land just screams out that people don’t truly understand the systems they oppose so strongly. Tether just froze a bunch of funds. Like a bank. Or PayPal. One of the most repeated slams against TradFi is the “PayPal locked my funds! Money belongs to the people! Self sovereignty!” But we’ve seen time and time again with the ETH fork, Tether freezings (they’ve had multiple), that we end up right back at these processes. People will claim that if everyone in a decentralized network decides to do something (like hard fork), that doesn’t violate the decentralization. But what do you think society is? We’ve all come together and decided on a bunch of rules we want to live by. Hack by hack we are seeing these same functions replicated in crypto.

xur17 5y ago
> Tether just froze a bunch of funds. Like a bank. Or PayPal. One of the most repeated slams against TradFi is the “PayPal locked my funds! Money belongs to the people! Self sovereignty!” But we’ve seen time and time again with the ETH fork, Tether freezings (they’ve had multiple), that we end up right back at these processes. Tether is one of many assets on Ethereum, each with their own properties. Some are centralized, some are decentralized, some are stable, some aren't, etc. It's about choice at the end of the day, and crypto actually gives you this choice vs paypal or your bank.
- qeternity 5y ago
  ETH was forked because of a much smaller hack. So the most decentralized, stable choice in Etherium (the layer 1 itself) isn’t immune.
miracle2k 5y ago
> But what do you think society is? We’ve all come together and decided on a bunch of rules we want to live by. And whatever those rules are, a minority has to accept the decisions made by others. When it comes to the rules for a financial system, you now have many choices.

xur17 5y ago

> Tether just froze a bunch of funds. Like a bank. Or PayPal. One of the most repeated slams against TradFi is the “PayPal locked my funds! Money belongs to the people! Self sovereignty!” But we’ve seen time and time again with the ETH fork, Tether freezings (they’ve had multiple), that we end up right back at these processes. Tether is one of many assets on Ethereum, each with their own properties. Some are centralized, some are decentralized, some are stable, some aren't, etc. It's about choice at the end of the day, and crypto actually gives you this choice vs paypal or your bank.

qeternity 5y ago
ETH was forked because of a much smaller hack. So the most decentralized, stable choice in Etherium (the layer 1 itself) isn’t immune.

miracle2k 5y ago

> But what do you think society is? We’ve all come together and decided on a bunch of rules we want to live by. And whatever those rules are, a minority has to accept the decisions made by others. When it comes to the rules for a financial system, you now have many choices.