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> The whole thing has just one use case: going around financial regulations. I don't see this as a bad thing on its own. I want to be able to earn with my mone
by knownjorbist 5y ago
> The whole thing has just one use case: going around financial regulations.
I don't see this as a bad thing on its own. I want to be able to earn with my money the same kind of ways that banks earn with my money. The reason I can't is because I'm not an "accredited investor". DeFi has a perfectly valid use-case and it's not just to get around those regulations.
- bluecalm 5y agoSo you want to do something regulations currently prevent you from doing. Doesn't that prove my point? If you want to earn money the same way a bank does just buy stake in a bank. You don't want to do the business yourself as that means huge burden of complying with regulations unless it's crypto which goes around that.
- knownjorbist 5y agoMy point was that it's beyond simply skirting regulations, as if that is merely the goal unto itself. Something being a regulation doesn't mean it's well conceived or even ethical, and they're frequently abused by incumbents in various industries to prevent disruption and protect their golden goose. "Buying stake in a bank" does not necessarily translate to sharing in the profits a bank is already making from holding my money with them.