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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, but only if it’s truly decentralized and cannot be manipulated by any person, group, or government agency

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes

 @ISIDEWITHasked…1yr1Y

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

 @ISIDEWITHasked…1yr1Y

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

 @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?

 @ISIDEWITHasked…1yr1Y

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

  Deletedanswered…3yrs3Y

No, DeFi lacks computational scalability, offers no privacy, and lacks in accountability checks beyond transparency.

  Deletedanswered…2yrs2Y

I’m uneducated on this issue.

 @ISIDEWITHDiscuss this answer...3yrs3Y

No

 @ISIDEWITHDiscuss this answer...3yrs3Y

No, and I don’t understand the concept of decentralized finance

 @ISIDEWITHDiscuss this answer...2yrs2Y

Yes, this could reduce income inequality by providing more transparency and inclusive access to financial services

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @ISIDEWITHasked…3mos3MO

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

 @57ZY5FNanswered…3yrs3Y

The government should have its own set of financial institutions that compete in the Free Market.

 @88NZKDZ from New York  answered…3yrs3Y

Yes, but it should be syndicated into cooperatives.

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, the anonymity of decentralized protocols greatly increases the chances of criminal financial activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, the anonymity of decentralized protocols increases the risk of criminal financial activity

 @7PTCG38 from Wisconsin  answered…2yrs2Y

No, this would substantially increase the risk of financial criminal activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, this will both encourage and increase the risks of criminal activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, this will both encourage and increase the risks of criminal financial activity

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but I would prefer if the protocol was created and secured by a government agency instead of a decentralized protocol

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Active 4hrs ago

 @ISIDEWITH submitted…2 days2D

Kamala Harris is considering running for president again in 2028

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 @ISIDEWITH submitted…21hrs21H

Netanyahu Shifts Focus to Iran After Cease-Fire with Hezbollah

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 @ISIDEWITH submitted…22hrs22H

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 @ISIDEWITH submitted…20hrs20H

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Active 1hr ago

 @ISIDEWITH submitted…7hrs7H

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