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The birth of the stock market also created new avenues for fraud that did not exist prior. This is a new asset class, poorly understood and poorly regulated, an
by zeroclip 4y ago
The birth of the stock market also created new avenues for fraud that did not exist prior. This is a new asset class, poorly understood and poorly regulated, and still ripe for abuse.
DeFi would solve some of these problems by shifting the counterparty risk from a man named Sam to an immutable protocol that we can all audit and verify. Look at aave, compound, Uniswap.
- brk 4y agoThe birth of the stock market also created new avenues for fraud that did not exist prior. Right, but I've never heard anyone say in response to stock market fraud, "You know what would fix this? A stock market!" The logic path on fixing what is ultimately a blockchain-related problem with more blockchain just seemed a bit circular to me. The blockchain/crypto portion does not really seem to be solving any real-life problems, or if it has, anything it has solved is being outstripped by the problems/losses.
- zeroclip 4y agoDid the blockchain fail here? Blockchain and DeFi was created to solve these very problems of centralized trust and human financial fraud. Uniswap and Aave withdrawals are working just fine. Leaving your coins on a centralized exchange kills the reason for a blockchain and DeFi. It’s crypto by name only.
- Bubble_Pop_22 4y ago> centralized trust and human financial fraud. Uniswap and Aave withdrawals are working just fine. Finance always follows commerce. It’s commerce which ultimately creates an organic price floor for assets. Given that no commerce exists in the cryptospace there is no such floor. You are describing a decentralized casino, but it’s taboo to say it and hence the word “asset” is being thrown around
- zeroclip 4y agoAave withdrawals of DAI stablecoin has been unaffected by the greed of SBF, and unaffected by the speculative price swings of Eth or Bitcoin. You personally may not consider these assets, but many do.