> What defi provides is completely useless in 99% of cases. What DeFi provides are the foundations of a publicly verifiable financial system. So either you asc

> What defi provides is completely useless in 99% of cases. What DeFi provides are the foundations of a publicly verifiable financial system. So either you ascribe that financial systems are useless or that public verification is useless. For the first case I will refer you to the history of the Amsterdam Stock Exchange and the economic and welfare growth that it spurred, for the second one I will refer you to 2008 and what just happened with FTX. > You need $4 to get a "loan" of $1 in DeFi. Who in the world needs such a loan? Someone that needs 5 dollars? The specific numbers are irrelevant, in fact. They are just a consequence of whatever parameters are set to ensure the safety of the loan. If your question is why do we need to constraint in any margin collateral requirements, after everything that has happened during the last 20 years... I don't know what to say to you.