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@ISIDEWITHQuestionseconomy3yrs ago

Should the technology of our financial system transition to a decentralized protocol, that is not owned or controlled by any corporation, similar to the internet?

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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784 Replies

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes

 @9FXWW8KLabouragreed…7mos7MO

You Tube and Google ? Maybe starting with the WEF Agenda first, so we all know why the riots in the streets will be justified if they agree to push that through see Australia….

 @ISIDEWITHDiscuss this answer...3yrs3Y

No

 @9FVBX47disagreed…7mos7MO

A single SWiFT payment to AU will cost you $30-40 and take 3 days. A single XRP payment will cost a few cents, and take about 20 seconds. Using the native cryptocurrencies, that is, making payments using the simple tools available is a pain for most people. But the tech itself is good. The development of secondary service companies that handle the transfer and give you a nice UI to use will make all this MUCH easier. Decentralised finance is, simply put, cheaper and more efficient. It is also trustless, meaning that the bank isn't taking the risk, the sender is (or the secondary company if they decide to insure payments I guess).

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but only if it’s truly decentralised and cannot be manipulated by any person, group, or government agency

 @9FVBX47agreed…7mos7MO

Some crypto currencies can be reversed by a central authority, some can be attacked in various manners. A decent currency we used for everything would need to be part of a system that was robust - something like the Ripple ecosystem or similar.

 @ISIDEWITHDiscuss this answer...12mos12MO

Yes, this could reduce income inequality by providing more transparency and inclusive access to financial services

 @ISIDEWITHDiscuss this answer...3yrs3Y

No, and I don’t understand the concept of decentralised finance

 @9FXWW8KLabourdisagreed…7mos7MO

It’s harder to corrupt and control 10-20 or more companies who are competing with each other for the best product in order to have sensible/ human interest rates and cheaper rents and so on.

Not as per every western central bank, where the corruption blossoms and those wankers making plans to start a digital currency, in order to enslave us all. Cash for a reason.

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but I would prefer if the protocol was created and secured by a government agency instead of a decentralised protocol

 @9FQ87BSLabouranswered…7mos7MO

This would be impossible to secure long term, you'd still end up paying someone.

 @9F6LJMPGreenanswered…8mos8MO

Pass, I don’t understand

 @9CLCQHLNationalanswered…10mos10MO

I don’t understand.

 @9CBQKSSACTanswered…11mos11MO

Insufficient knowledge

 @9C92WVTanswered…11mos11MO

I don’t understand the question

 @98PKXL4answered…1yr1Y

Owing a credit time by use fruad scam and the government inc increase and divine is expect is in temple incorrected process

 @ISIDEWITHasked…5mos5MO

Can a decentralized financial protocol effectively prevent things like fraud or theft better than our current system?

 @ISIDEWITHasked…5mos5MO

If you had the choice, would you switch to a decentralized financial platform, and why?

 @ISIDEWITHasked…5mos5MO

What concerns might you have if your money's security depended on technology without direct oversight?

 @ISIDEWITHasked…5mos5MO

How do you think decentralization might affect financial equality around the world?

 @ISIDEWITHasked…5mos5MO

Imagine a world without banks as we know them; what would be the most exciting or daunting aspect for you?

 @ISIDEWITHasked…5mos5MO

In what ways could a decentralized financial system impact the global economy, positively or negatively?

 @ISIDEWITHasked…5mos5MO

Do you feel that your personal financial information is truly secure, and could decentralization make it more or less so?

 @ISIDEWITHasked…5mos5MO

Have you ever experienced frustration with your bank, and would a decentralized system have solved that issue?

 @ISIDEWITHasked…5mos5MO

What do you think would be the greatest benefits and drawbacks of having a financial system outside the control of any single entity?

 @ISIDEWITHasked…5mos5MO

How would your daily life change if money and financial transactions were completely decentralized?

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