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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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794 Replies

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes

 @9FXWW8KLabouragreed…1yr1Y

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…1yr1Y

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…1yr1Y

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...2yrs2Y

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…1yr1Y

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…2yrs2Y

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

 @9F6LJMPGreenanswered…2yrs2Y

Pass, I don’t understand

 @9CLCQHLNationalanswered…2yrs2Y

I don’t understand.

 @9CBQKSSACTanswered…2yrs2Y

Insufficient knowledge

 @9C92WVTanswered…2yrs2Y

I don’t understand the question

 @98PKXL4answered…2yrs2Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…7mos7MO

How might financial freedom look different to you if you could operate outside of banks and governments?

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…7mos7MO

How could a financial system run by the public benefit or challenge individuals in low-income communities?

 @ISIDEWITHasked…7mos7MO

Would you feel safer or less secure using a system where no one organization controls your money?

 @ISIDEWITHasked…7mos7MO

How do you think a decentralized model could challenge big corporations in the financial world?

 @ISIDEWITHasked…7mos7MO

If you no longer needed a bank for basic services, how would your approach to saving and spending change?

 @ISIDEWITHasked…7mos7MO

If every person had the ability to control their own financial services, what kind of new risks do you imagine might arise?

 @ISIDEWITHasked…7mos7MO

How would you handle issues like fraud or theft if there were no central authorities to help?

 @ISIDEWITHasked…7mos7MO

Could you see yourself using a financial platform with full transparency, where all transactions are public on a ledger?

 @ISIDEWITHasked…7mos7MO

How do you think a global push towards decentralized options would impact governments' control over their economies?

 @ISIDEWITHasked…7mos7MO

Do you trust technology more than people when it comes to managing your money?

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

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