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1/ Why I prefer "open" to "decentralized" finance.

Decentralization of finance is a spectrum enabled by

1) distribution of trust/responsibility
2) transparency

Not all #OpFi will be 'fully' decentralized.

But what makes it sufficiently different is transparency.
2/ This transparency will not be easily accessible to all.

It will be shrouded in the complexity of code and mechanism design.

But it will undoubtedly be more open than the closed, centralized systems of today.
3/ This transparency should in theory lead to

* Easier auditability >>
* Better risk management >>
* Better governance >>

And ideally -- through much trial and error -- simpler, more effective *core* financial systems.
4/ The large auditing firms of today will become increasingly engineer-ified

In 10 years, they will be staffed with hundreds or thousands of hybrid financial-engineers who are experts in Solidity or other financial contract code and design.
5/ We will move from simple financial contracts to more complex contracts or bundles of interconnected contracts (even across chains) over time. Learning harsh lessons along the way.

This will come only by doing.
6/ There is no grand top-down planning any of this. We will learn as we always do. Through failure. Gradually. Gaining confidence along the way.

If we're careful, we'll move in measured steps. Two steps forward, one step back.
7/ We'll place bonds on chains. And most securities. Your bank will be a series of interconnected contracts, potentially managed by a DAO, that you access via mobile or other hands-free device or robo assistant.
8/ Value will be communicated and settled digitally almost entirely through crypto assets and intermediary packeting protocols. The largest digital commodity monies will be traded and speculated on as forex is today.
9/ An alternative financial system will grow alongside the traditional one. And with enough inertia, stability, and confidence in it, the new will one day replace the old.
10/ While under the microscope of each day, it will seem disruptive, volatile, fraudulent, and manipulative, on a historical time frame, for many the shift will seem gradual and normative, no different than the measured interweaving of the Internet into daily life.
11/ A directly connected global financial system means that small pains might be felt and amplified instantly. But it can also mean a more efficient market.

This has the potential to go spectacularly well or wrong.

One way or another we're going to find out.
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