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A chain of responsibility. If someone tries to scam me, I can call the bank and get the transfer reversed. If someone robs me and steals my wallet, they can't e
by AussieWog93 5y ago
A chain of responsibility.
If someone tries to scam me, I can call the bank and get the transfer reversed.
If someone robs me and steals my wallet, they can't empty my bank account.
Convenience and simplicity (from the user's perspective) is a big factor too. Crypto exchanges solve this problem, but then we're back to square one in terms of trusting an institution, rent seeking etc.
- jedimind 5y agoThat's only the positives, on the flip side: - Your government can freeze your assets on a whim, because you criticised the wrong people or exposed some of their institution's crimes ( whistleblowers ). - Destroy your business in an instant, by cutting you off from funding and other services for whatever reason they deem appropriate. Every system has its pros and cons, but I totally understand why people are excited about defi.
- ryan93 5y agoTo your first point how many people in rich countries have that problem. Seems like reversibility that conventional banks offer is way more useful to most people.
- Ekaros 5y agoOn first point. Hasn't blacklistings of wallets already happened? So I don't see any reason why wouldn't governments be able to enforce such as well? Or even major exchanges... Give a good reason and steal the money...
- jedimind 5y agoI am by no means an expert on blockchain protocols, but the whole point of Bitcoin or Defi is that a central authority is unable enforce their will on a whole network. You should consult actual experts on the matter tho
- Ekaros 5y agoBlockchain might not, but users of it such as very centralized exchanges certainly have. Outside things like Monero, enforcement where it matters is entirely possible.