Decentralized Finance (commonly referred to as DeFi) is a blockchain based and cryptographically secure form of finance. Inspired after the financial crisis of 2008, DeFi does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. DeFi platforms allow people to verify any transfer of ownership, lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against…
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If it's controlled by multiple people or companies then it'll become just as corrupted as the internet. There would be too much control over the economy coming from too many different sources. It would be almost impossible to track any fraud back to its original source.
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Yes, but only if it’s truly decentralized and cannot be manipulated by any person, group, or government agency
@9FLYGRTProgressive3yrs3Y
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It allows too much surveillance and control by the govt of what we are doing. The govt has proven time and time again it cannot be trusted, honest, or accountable. Those in power are bought by the wealthy and interests not of the American people. Without cash you lose the ability to do simple things like donate to homeless on the street. To conduct lawn-sales, to slip money under your child pillow from the tooth fairy, kids allowances etc. The government wants to micromanage our every move and that is not what they were hired for. They work and answer to me! An every other American they swore to represent. They are in position by our authority and they will be removed just as quick. By force if necessary, a right ensures to us by our founding fathers. We will not cower and bend the knee to corrupt politicians and their agencies.
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No, It should however be controlled only by private individuals and companies and not regulated by the state.
@VulcanMan6 3yrs3Y
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#1 Engaged Decentralized Finance
As someone who is actually very familiar with the blockchain, I think it would be a mistake to go to a decentralized financial system. There has to be servers that are constantly verifying the transactions, similar to the miners for any blockchain currency. If this happens, I believe that there will be fees for financial access, limiting people that are lower income from accessing the system or having complete access. Within the answers to this question, another reason was for increased transparency, while you would be able to verify/look up transactions, you shouldn't be able to specifically look up another individual's transactions. This hinges on the verge of invasion of privacy and letting the government have that much control is not something that I'm willing to agree to.
@846NK4L2yrs2Y
You're right that miners or validators in decentralized systems perform a crucial role by verifying transactions, but the assumption that fees would automatically limit access for lower-income individuals doesn’t hold up universally. In fact, centralized systems often impose hidden fees and barriers—think overdraft charges, minimum balance requirements, or transfer fees—that disproportionately affect the financially vulnerable. Decentralized systems, if designed properly, could actually lower costs because they cut out middlemen, making the system more accessible overal… Read more
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No, companies are constantly making your money and bank accounts more secure and they can't do that if it is decentralized
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#2 Engaged Decentralized Finance
I need to do more research on this but I do see a lot of companies like Capital One who do offer these defi services and they seem to be working out pretty good.
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