DeFi is the future. (Score 2)

A lot of people on here don’t have a clue about what DeFi brings and why is growning.

You have three types of marginalized people here that are being cut out of the greater finance system. The first is the poor in third-world countries, then comes poor in industrialized countries, and then the middle class workers. This probably represents 98% of the world’s population.

The people in third-world countries don’t have access to stable banks in the first place, they don’t even have the electricity and other infrastructure to support establishments that can interact with the central banking system. These people do have phones and DeFi works with phones. All the other brick and mortar banks aren’t needed or necessary, the people don’t have to wait for their governments to get their crap together to have access to financial services. Many of these people already rely on “phone credits” to transact business on.

The poor in the industrialized nations are forced to become income slaves for the banking system by having access to financial services be based on their payment and accrual of debt. A couple of missteps and these people don’t have access to banks or other lifestyle services. This is why there is a check cashing and payday loan industry.

The middle working class have a stable bank system, they have access to loans and other services. Why would these people need DeFi, well if the middle class wants to get into the real profitable stock system they have to be “accredited”, that means (at least in the US) you have to have a million dollars in liquid assets before you can even access these more profitable financial options. DeFi breaks this, anyone can invest in the DeFi/cryptocurrency marketplace and are free to lose or win in any investment they would like.

Accreditation was a useful tool back when only the rich had access to the information to make knowledgeable decisions on IPO’s and other stock transactions, now that everyone can get that information accreditation is not longer a useful tool and now works to keep the rich in an exclusive class.

DeFi is decentralized finance, meaning that no central authority is pulling the levelers that force debt on people or simply cut people off from financial services. Are there still whales that can move and control things, sure, there always will be, but no one can prevent another from having financial services or the free transfer of money. DeFi is also really new, there are going to be be bumps in the road, people will lose their wealth and others will gain wealth. DeFi will become stronger over time and the central authorities have little real control over it, this is why everyone is moving to stall or jump into the cryptocurrency bandwagon as much as they can.