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https://twitter.com/jackchong_jc/status/1521603629580533763?s=20&t=qMbaBEqh1oRzA11HMF7c2A https://twitter.com/jackchong_jc/status/1521603629580533763?... For t

• oblio 4y ago
  > For the efficiency part. To be fair, traditional finance as an industry operates as a super inefficient, regulatory-captured pyramid scheme. Shouldn’t be too hard to beat. They're dense. They don't get it at all. The "super inefficient, regulatory-captured" part is a feature, not a bug. We want transactions to be reasonably slow and checked by a human somewhere along the way. We want a myriad legal protections. "pyramid scheme", that's rich, coming from cryptocurrency companies.
• rnk 4y ago
  All the naive investors who keep making investments in crypto will lose their money, like they have on current round of failing crypto 'banks'. It's both the fact that existing finance is hard to access for poor people, and it's got a lot of regulation that can protect them, and it can cost more, and there are still terrible legal investments (payday loans). But it provides way more protection than defi, which provides none. With all the large firms (crashing daily) that provided impossible ~19% returns still trying to attract new investors, there's just no defense of the 'industry'.