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I tell people who are interested in the crypto market: just look at the structures and concepts that exist in "centralized finance" and replicate them for the c

by anonu 4y ago

I tell people who are interested in the crypto market: just look at the structures and concepts that exist in "centralized finance" and replicate them for the crypto world. (Eg: risk systems, custodial systems, index calculators, portfolio management, the list goes on, etc... ) This 2019 paper simply re-confirms that thought. Crypto today is no different than the 1900 turn-of-the-century bucket-shop pump-and-dump scams of previous Wall Street iterations.

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CryptoPunk 4y ago
Crypto has unique qualities that enable new applications. For example, you can issue loans to yourself using MakerDAO: https://oasis.app/borrow https://oasis.app/borrow The process is permissionless, meaning, among other things, that it can be automated, and it carries almost zero fees (only the Ethereum gas fee for EVM instructions). To take another example, the world's leading decentralized exchange, Uniswap, has now overtaken centralized exchanges in market depth for some major trading pairs: https://uniswap.org/blog/uniswap-v3-dominance https://uniswap.org/blog/uniswap-v3-dominance This is a credibly neutral value exchange protocol that major centralized exchanges are coalescing around as a source of liquidity. The market depth is truly impressive. For example, you can sell hundreds of thousands of dollars worth of ETH in one trade with almost zero slippage. So crypto is not just another iteration of Wall Street. And to the point of past iterations of Wall Street: the 19th century banking system was not rife with scams as the caricature suggests: https://www.cato.org/blog/fable-cats https://www.cato.org/blog/fable-cats
syzygyhack 4y ago
Please tell me where in the world of centralized finance I can go to take out a zero-collateral multi-million dollar loan, transact with it, and immediately pay it back?

by anonu 4y ago

deleted 4y ago

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CryptoPunk 4y ago

Crypto has unique qualities that enable new applications. For example, you can issue loans to yourself using MakerDAO: https://oasis.app/borrow https://oasis.app/borrow The process is permissionless, meaning, among other things, that it can be automated, and it carries almost zero fees (only the Ethereum gas fee for EVM instructions). To take another example, the world's leading decentralized exchange, Uniswap, has now overtaken centralized exchanges in market depth for some major trading pairs: https://uniswap.org/blog/uniswap-v3-dominance https://uniswap.org/blog/uniswap-v3-dominance This is a credibly neutral value exchange protocol that major centralized exchanges are coalescing around as a source of liquidity. The market depth is truly impressive. For example, you can sell hundreds of thousands of dollars worth of ETH in one trade with almost zero slippage. So crypto is not just another iteration of Wall Street. And to the point of past iterations of Wall Street: the 19th century banking system was not rife with scams as the caricature suggests: https://www.cato.org/blog/fable-cats https://www.cato.org/blog/fable-cats

syzygyhack 4y ago

Please tell me where in the world of centralized finance I can go to take out a zero-collateral multi-million dollar loan, transact with it, and immediately pay it back?