> decentralized finance, which will likely become an interesting part of the broader financial system. I’m all for decentralized finance, but abhor the idea of

> decentralized finance, which will likely become an interesting part of the broader financial system. I’m all for decentralized finance, but abhor the idea of a public ledger except for one very specific use case: government allocation and spending. Privacy oriented blockchains may be slightly better, but if the safeguards are ever broken, they are no better than open ledgers. The CBDC proposals are even worse, imho, proposing no public ledger, but allowing blessed private entities to receive events to make rain their own private ledgers. I don’t know what digital decentralized finance looks like without public accounting, but I’d prefer something as anonymous and ephemeral as cash transactions for something that I use regularly.