I have no current interest in DeFi not do I have any DeFi related crypto (Full disclosure: I have very minor Doge/ETH/BTC holdings).
I know it's fun to kick DeFi when it's down and make fun of "code is law" and the like but all of this leaves me with a very queasy feelings especially when the same comments praise our current financial system as if it has figured this all out and only idiots try to reinvent the wheel. All I can think of is 2008 and how all our financial institutions royally screwed us and almost no one went to jail and no one was held accountable (I think 1 person went to jail and they were a small fry).
Does the exact issue that happened here happen in our current systems? Yes, but it's fixable. That said, much worse things happen and they can be swept under the rug/ignored.
I don't put much faith in DeFi but I also put very little in "fiat"/"regular" financial institutions.
I know it's fun to kick DeFi when it's down and make fun of "code is law" and the like but all of this leaves me with a very queasy feelings especially when the same comments praise our current financial system as if it has figured this all out and only idiots try to reinvent the wheel. All I can think of is 2008 and how all our financial institutions royally screwed us and almost no one went to jail and no one was held accountable (I think 1 person went to jail and they were a small fry).
Does the exact issue that happened here happen in our current systems? Yes, but it's fixable. That said, much worse things happen and they can be swept under the rug/ignored.
I don't put much faith in DeFi but I also put very little in "fiat"/"regular" financial institutions.