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That's like saying fully decentralized blockchains are the least game-able of financial systems, because they presume everyone is trying to game them.
by pcthrowaway 3y ago
That's like saying fully decentralized blockchains are the least game-able of financial systems, because they presume everyone is trying to game them.
- alwayslikethis 3y agoIsn't it? If one bank tries to send fake transactions, it can have real effects. If some crypto nodes try to send fake transactions, it mostly just doesn't work unless you have a 51% majority. But at that point the system is mostly worthless anyways.
- pcthrowaway 3y agoWith decentralized applications at least, there are always bugs and people lose their life savings due to poor mechanics or faulty code, and there's no recourse. See rekt.news for an idea of how 'ungameable' these financial products are. With a federally insured bank, securities, or other regulated financial products there's a watchdog ensuring compliance and regulations, transactions are largely traceable and auditable, and if someone finds a way to game the system there's a legal entity with a massive presence that will come down on you anyway. There are advantages to both, and centralized finance is certainly 'gameable' in ways also, but I definitely wouldn't say that it's more gameable than decentralized finance.