The Lie of DeFi (Decentralized Finance)

The Lie of DeFi (Decentralized Finance)



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In this video, I discuss the highly centralized nature of DeFi protocols that pretend to be decentralized.

DeFi built on Ethereum borrows key principles from Bitcoin, but tries to recreate something that can never be recreated: original digital scarcity.

A great example is the DeFi project COVER, which was recently shut down by a single person. If a single person can turn off your protocol, it might not actually be that decentralized at all.

The SEC is now investigating Uniswap. This is impossible to do with Bitcoin, since there is no headquarters, no CEO, and no legal counsel.

Not investment advice! Consult a financial advisor.

COVER protocol is hot:
https://cryptoslate.com/founder-of-ethereum-defi-coin-that-surged-1000000-throws-weight-behind-new-project/

COVER protocol is not:
https://decrypt.co/80262/defi-insurance-protocol-cover-shuts-down-token-value-plummets

https://defited.medium.com/project-shutdown-cover-ruler-bb2df50e2a95

DeFi Exploits:
https://rekt.news/

SEC is investigating Uniswap:
https://www.reuters.com/legal/litigation/us-sec-investigates-crypto-exchange-developer-uniswap-labs-wsj-2021-09-03/

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#DeFi
#Bitcoin
#Cryptocurrency

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