4 ms·

Small money is fine. Any big transaction will get flagged and potentially delayed. I don't know about you, but I'd rather use a system that allows me to do wha

Small money is fine. Any big transaction will get flagged and potentially delayed. I don't know about you, but I'd rather use a system that allows me to do what I want with my funds without anyone else controlling it.

degamad 1y ago
> I don't know about you, but I'd rather use a system that allows me to do what I want with my funds without anyone else controlling it. How do we know that this unusual transaction is you doing what you want and not someone else controlling and defrauding you? A small well-understood amount of friction that significantly reduces everyone's risk is not an attempt to control your funds. Old systems with arbitrary delays based on twentieth century processes should be replaced, but not everything needs immediate infinite speed to be valuable.
- latchkey 1y ago
  > How do we know that this unusual transaction is you doing what you want and not someone else controlling and defrauding you? That's what they'd like you to believe, but fact of the matter is that you're still not protected. For example, at my last company, the finance department was phished into changing a bank account number and transferred $50k to another account. Bank just shrugged.
  - throwaway2037 1y ago
    Did they get the 50K back?
    - latchkey 1y ago
      Not to my knowledge.
vintermann 1y ago
Do you want to live in a world where everyone else can do whatever they want with their funds without anyone else controlling it, though? Seems pretty optimistic for anyone to think they'd do well in that world.
- latchkey 1y ago
  I want to live in a world where responsible, law abiding citizens can use their money however they choose. In the US, we already have credit scores, a system meant to reflect some sort of trustworthiness. Right now, it mostly determines your interest rates and access to capital. But why not extend that trust to granting people more freedom in how they use their funds? If I want a large loan from my bank, I’m forced to provide endless paperwork and deal with people, despite having a great credit score. In DeFi, I just post collateral and instantly borrow against it. No gatekeepers, no conversations. These limitations become even more obvious if you’re a nomad or frequent traveler. Suddenly you’re not just facing your local government, you’re up against borders and layers of extra regulation.
  - habinero 1y ago
    This sentence: > Why not extend that trust to granting people more freedom in how they use their funds? followed immediately by: > If I want a large loan from my bank with absolutely zero irony is very funny.
    - latchkey 1y ago
      I don't understand the humor. Please explain.
  - topranks 1y ago
    “Post the collateral” I’m fairly sure if you want a bank loan and are prepared to lodge cash in the bank to secure it they won’t need too much paperwork. Usually people getting loans don’t have the funds in cash already. Defi is nothing like that its currency speculation at best.

degamad 1y ago

> I don't know about you, but I'd rather use a system that allows me to do what I want with my funds without anyone else controlling it. How do we know that this unusual transaction is you doing what you want and not someone else controlling and defrauding you? A small well-understood amount of friction that significantly reduces everyone's risk is not an attempt to control your funds. Old systems with arbitrary delays based on twentieth century processes should be replaced, but not everything needs immediate infinite speed to be valuable.

latchkey 1y ago
> How do we know that this unusual transaction is you doing what you want and not someone else controlling and defrauding you? That's what they'd like you to believe, but fact of the matter is that you're still not protected. For example, at my last company, the finance department was phished into changing a bank account number and transferred $50k to another account. Bank just shrugged.
- throwaway2037 1y ago
  Did they get the 50K back?
  - latchkey 1y ago
    Not to my knowledge.

vintermann 1y ago

Do you want to live in a world where everyone else can do whatever they want with their funds without anyone else controlling it, though? Seems pretty optimistic for anyone to think they'd do well in that world.

latchkey 1y ago
I want to live in a world where responsible, law abiding citizens can use their money however they choose. In the US, we already have credit scores, a system meant to reflect some sort of trustworthiness. Right now, it mostly determines your interest rates and access to capital. But why not extend that trust to granting people more freedom in how they use their funds? If I want a large loan from my bank, I’m forced to provide endless paperwork and deal with people, despite having a great credit score. In DeFi, I just post collateral and instantly borrow against it. No gatekeepers, no conversations. These limitations become even more obvious if you’re a nomad or frequent traveler. Suddenly you’re not just facing your local government, you’re up against borders and layers of extra regulation.
- habinero 1y ago
  This sentence: > Why not extend that trust to granting people more freedom in how they use their funds? followed immediately by: > If I want a large loan from my bank with absolutely zero irony is very funny.
  - latchkey 1y ago
    I don't understand the humor. Please explain.
- topranks 1y ago
  “Post the collateral” I’m fairly sure if you want a bank loan and are prepared to lodge cash in the bank to secure it they won’t need too much paperwork. Usually people getting loans don’t have the funds in cash already. Defi is nothing like that its currency speculation at best.