"One counterargument might be that the de facto state capture of Ethereum in gradually becoming more and more OFAC compliant could, at the same time, be said to give it practical grounds to become more accepted as money via state enforcement, and more transparent than fiat currencies in traditional finance also. However, the cost is, once again, explicitly the loss of decentralization, so whatever kind of money it is, it is not decentralized and therefore cannot contribute to credibly decentralized finance." - Allen Farrington, & Anders Larson
Today we dive into the first half of another amazing piece on understanding both the conceptual and technical limitations of decentralized finance, as well as trying to discern what the point of decentralized finance really is, and what it might look like when we see a sustainable & capital forming version of it come to be. Let's dive in!
Check out the original with tons of footnotes and links for digging further and verifying the claims and data shared in the piece:
https://www.uncerto.com/green-eggs-and-ham
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“money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard‐earned wealth for sale in exchange for something easy to produce.”
― Saifedean Ammous
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