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DeFi’s Existential Problem: It Only Lends Money to Itself
- Bostonian 4y agohttps://archive.ph/1fGGd https://archive.ph/1fGGd
- dtagames 4y agoThere's no "there" there. It's all magical internet money all the way down, not backed by any real products or services. When the bottom falls out of one of these businesses, there are consequences in all of them.
- xyzzy123 4y agoGreat opportunity to mention the "self licking ice cream cone" https://en.wikipedia.org/wiki/Self-licking_ice_cream_cone https://en.wikipedia.org/wiki/Self-licking_ice_cream_cone Why do you need the space shuttle? To get to the ISS. Why do you need the ISS? Well, if you cancelled it the space shuttle would have nowhere to go...
- darepublic 4y agoWeekend at Bernie's?
- throwaway22032 4y agoThis is tautologically true because "the system" doesn't accept trustless interactions. Most physical goods merchants or stuff like house purchases are basically impossible without all of the KYC real-name must-have-an-address wheres-your-passport-m8 u-got-a-liocence-for-that-there-transaction stuff. There was an article on here just the other day about Coinbase asking for the physical house address of cryptocurrency recipients. If you're doing that then the whole system is pointless, all of the benefits disappear, if you're requiring all of the legacy stuff anyway just give them cash or send a bank transfer. So they're basically two different ecosystems by definition.