[aitrean]

> DeFi on Ethereum is replicating the existing financial system, so by criticizing this, you're essentially also criticizing the legacy financial system.

Checkmate nOcOiNeRs. If you criticize my pyramid scheme network, you're actually criticizing the complex global financial system, because r/ethereum told me they're basically one in the same.

How many mortgages are settled at any level of the "financial stack" with DeFi? None.

How many bond payments have been paid out at any level of the "financial stack" with DeFi? None.

How many registered securities have been traded with DeFi handling any level of the "financial stack"? None.

If you want to use your "financial stack" metaphor, DeFi is like using a bluetooth smart dildo bootloader as the back end for a full stack web application. Sure, the stack you speak of exists, but there is nowhere that any programmer would ever seriously think to put that thing.

Stop arguing semantics and actually point to a legitimate use-case that someone outside the crypto space would have for DeFi (even if it is at a "lower level" of the fin stack).

[intotheabyss]

Santander bank has settled at least 20 million in bonds directly on Ethereum (shorturl.at/lnFNV)

The applications you're talking about require infrastructure first. That's like criticizing devs in the 90s that an app like Netflix doesn't exist yet. Hmm I wonder why Netflix wasn't viable in the 1990s.

As for a simple "primitive" use case, I have a lot of my cash savings in DAI and I get 4% interest on it. There are a multitude of other use cases, if you care to look.

But you don't care, because it's obvious you think it's all just a scam, so there's no point even discussing any of this with you.

[Daishiman]

It's obvious that it's mostly a scam because the number of crappy altcoins, the number of wallets that ended up failing because they were criminal fronts or scams, and the absolute failure to demonstrate even one killer application show the reality of this.

I'm wondering how much of those coins that accrue "interest" you'll actually be able to offload into cold, hard cash that can be used to purchase goods.