Warren, crypto is a permissionless, decentralized, censorship-resistant, non-custodial and transparent financial ecosystem that can be audited on-demand
A "shadow bank" is what you're protecting: rent-seeking, centralized, opaque, custodial and censorable financial institutions
A "shadow bank" is what you're protecting: rent-seeking, centralized, opaque, custodial and censorable financial institutions
https://twitter.com/TheBlock__/status/1434548786337095685
>A public immutable ledger that can audited by anyone in the world every 13 seconds and which cannot be corrupted by any centralized entity
Yeah wow sounds super shadowy to me
>HSBC money laundering? Never heard of it, gotta protect my interests
icij.org/investigations…
Yeah wow sounds super shadowy to me
>HSBC money laundering? Never heard of it, gotta protect my interests
icij.org/investigations…
Did you know that FDIC has no strict timeframe on when they are required to pay out any claims? It doesn't really provide consumer protection, it only provides a narrative so people feel like the funds are safe with custodians
"In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as 𝘀𝗼𝗼𝗻 𝗮𝘀 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲"
Purposely vague
fdic.gov/regulations/la…
Purposely vague
fdic.gov/regulations/la…
This is the definition of a "just trust us" paper promise
You have zero guarantees that the traditional system is going to continue working as designed
How many people lost their homes in 2008? How many citizens were bailed out compared to banks? Zero
cnbc.com/amp/id/45674390
You have zero guarantees that the traditional system is going to continue working as designed
How many people lost their homes in 2008? How many citizens were bailed out compared to banks? Zero
cnbc.com/amp/id/45674390
How many times has the crypto economy needed to be bailed out?
Exactly zero times
Even during market volatility, loans stayed collateralized (or were liquidated as expected without issue), stablecoin pegs held, and no protocols went under Lehman Brothers style
Exactly zero times
Even during market volatility, loans stayed collateralized (or were liquidated as expected without issue), stablecoin pegs held, and no protocols went under Lehman Brothers style
You can't stop or shut down truly decentralized protocols, you can only make them slightly harder to access, but the only effect that has is reducing the ability of citizens to take control of their own finances and escape the rent-seeking monopoly of today
/thread
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