There are plenty of reasons to complain about fiat currencies like USD and the rights that states claim to control all transactions or control the value of our money.
That doesn’t make using unregulated stable coins from terrible terrible people like those behind bitfinex a good idea, or mean that trustless distributed consensus is worth the massive downsides of a decentralised system like bitcoin, or that we should trust projects without the most basic financial controls.
We have laws and regulators controlling money supply and financial transactions for good reasons, most of the unregulated experiments ‘defi’ is trying have already been run in fiat and banned for good reasons, including massive leverage, unregulated banks and exchanges, money printing etc etc.
> That doesn’t make using unregulated stable coins from terrible terrible people like those behind bitfinex a good idea…
Good thing is, you personally don't have to, but others will, and you have no say over that. Heaven forbid a decentralized uncollateralized stable coin comes into existence, where its mechanisms for inflation and deflation are purely market driven, that won't be controlled by any single entity, used by people from all over the world without your (or regulators) approval… not like existing interbank eurodollar transactions have much of that approval anyways (than the same transactions, junk rated rehypothicated collateral backing that entities like bitfinex engage in, yet with lower cashflows; can't seriously sit here and tell me that regulators are in control of dollar denominated liabilities being swapped offshore everyday in non local currencies and usd deposits created from that are 1:1 backed and have FDIC coverage…).
Hell, we know more about bitfinex operations than we do of the a typical tradfi bank engaging in the same transactions overseas… what a joke lol
> or mean that trustless distributed consensus is worth the massive downsides of a decentralised system like bitcoin
Let's not pretend that there aren't any better trustless distributed consensuses systems out there that people are actively using because you would like to dismiss something you don't like/use.
> or that we should trust projects without the most basic financial controls.
Not too hard to use/build protocols that implement controls you wish and stay away from those that don't. Not everyone has to ape into shitcoins and shitchains with no research. Not everyone has to follow the whims of someone else.
> We have laws and regulators controlling money supply and financial transactions for good reasons…
That routinely fail to address (and as well as regulators failing to comprehend [at best])
> …massive leverage…
In the forms of ever novel derivatives cropping up in tradfi
> …unregulated banks and exchanges, money printing etc etc.
After talking with people who had to trade lehman positions out of administration and all the shit that went down behind the scenes… TBTF might as well be unregulated, when their positions are routinely bailed out at expense of others in many different ways and leads to people having
> … plenty of reasons to complain about fiat currencies…
That have long gone unaddressed because of the existing incentives that stand in the way. Plenty of kabuki theatre about it though from "regulators", worth about as much as the latest shitcoins cropping up.
That doesn’t make using unregulated stable coins from terrible terrible people like those behind bitfinex a good idea, or mean that trustless distributed consensus is worth the massive downsides of a decentralised system like bitcoin, or that we should trust projects without the most basic financial controls.
We have laws and regulators controlling money supply and financial transactions for good reasons, most of the unregulated experiments ‘defi’ is trying have already been run in fiat and banned for good reasons, including massive leverage, unregulated banks and exchanges, money printing etc etc.