Not really, it's secured by Proof of Violence/Imprisonment in partnership with the country's government. And the government spends a lot more energy doing that than bitcoin does
All I see is an expert in a field, who I can't tell if they are right or not, disagreeing with other experts in the same field, who I also can't tell if they are right or not.
> On a philosophical level, I think the flawed premise you’re presenting here is that inflation is a problem that needs to be solved. Inflation is unpopular because it’s effectively a tax on unproductive wealth. Inflation incentivizes investment because idle wealth will lose it’s value at the rate of inflation.
Inflation is a tax on those without assets or the available capital to invest in assets. It's a form of wealth transfer to those with assets. Increasing economic inequality is not good for anyone, and some would say the US is already close to a breaking point.
I wish I could. If I knew how, I would be implementing this as fast as humanly possible. The first person to fix this problem will make $1 billion, easy
> Even within crypto/defi, it's still people making the decisions. People wrote the algorithms. The only advantage I see there is that, in theory, you should be able to see what rules are encoded in that algorithm, so it's slightly more transparent in that sense.
Agreed. People still create the system, but they have zero to little sway in each individual transaction. So, the system can be biased, but with increased transparency, that should become apparent.
> On the negative side, though, there's essentially no rule of law to prevent the people making the decisions in DeFi from doing things that are bad/illegal/invalid.
Very true, there's a lot of scamming going on. It's still very bleeding edge and not ready for mainstream adoption.
> In the regulated finance world, these sorts of restrictions would be disallowed by the rule of law. You can sue them if they try to enforce those rules, and depending on your jurisdiction, you may win and indeed win damages. What's the equivalent in DeFi? Who do I sue? What court do I ask for relief?
At least in the US, this is not the case for payment processors. Banks may be under more strict regulation. Visa/Mastercard can revoke the ability for anyone to process transactions on their network, even if the activity is completely legal. E.G. OnlyFans/Pornhub recently.
Totally agree, as long as the reasons the banks have are valid.
The problem is that that decision is made by people. Standards of conduct are not universal. What if political affiliation or COVID vaccination status affects your ability to transact with a bank, even though those things have nothing to do with buying or selling real estate
All of those guarantees are under threat of legal punishment enforced through court systems.
All of those guarantees are given to you based on good standing with various institutions. The bank, the intermediary, the seller.
If you were a person who was not in good standing with a bank, but you still had the money, could you have completed the transaction?
Technology has a trend of destroying middleman industries, as they don't provide value and take a portion of the proceeds for themselves.
DeFi, in this case, is targeting the financial institutions because we now have technological means to replace banks and lenders. Does that mean this process is smooth? or ready for mass adoption? Not necessarily, but the destruction of banks by technology is inevitable. It's just a matter of when
Because obesity will kill them. That's the message that's not being said in a COVID context. Healthy at every size is one of the biggest health lies in America
and putting more pressure on countries like China and India