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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 not:
SEC is investigating Uniswap:
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