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@ISIDEWITHQuestionseconomyStarted 3yrs agoActive 4mos ago

Should the technology of our financial system transition to a decentralized protocol, that is not owned or controlled by any corporation, similar to the internet?

Decentralized Finance (commonly referred to as DeFi) is a blockchain based and cryptographically secure form of finance. Inspired after the financial crisis of 2008, DeFi does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. DeFi platforms allow people to verify any transfer of ownership, lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against…  

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796 Replies

 @ISIDEWITHDiscuss this answer...3yrs3Y

No

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but only if it’s truly decentralized and cannot be manipulated by any person, group, or government agency

 @ISIDEWITHDiscuss this answer...3yrs3Y

No, and I don’t understand the concept of decentralized finance

 @ISIDEWITHDiscuss this answer...2yrs2Y

Yes, this could reduce income inequality by providing more transparency and inclusive access to financial services

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but I would prefer if the protocol was created and secured by a government agency instead of a decentralized protocol

 @ISIDEWITHasked…12mos12MO

In what ways could a decentralized financial system impact the global economy, positively or negatively?

 @9H8JT5Dfrom Ontario  answered…12mos12MO

I think it would force the global economy to become less reliant on one another and focus on autonomy and self-sufficiency

 @ISIDEWITHasked…12mos12MO

What concerns might you have if your money's security depended on technology without direct oversight?

 @9QZCYDNfrom Ontario  answered…4mos4MO

I think that if people want to use that that's fine, but our whole financial system shouldn't switch to it as it's still young and unreliable with less security and oversight

 @9BS8F8BPeople’sfrom Ontario  answered…2yrs2Y

I like the idea of a decentralized financial system but only if it's backed by gold.

 @9BM5965from Ontario  answered…2yrs2Y

No, It would be too uncontrollable and open to hackers.

 @8ZSJL5Bfrom Ontario  answered…3yrs3Y

No, these should be owned by the government (basically nationalized)

 @8ZKF7MJfrom Ontario  answered…3yrs3Y

I think its good but also bad in some ways

 @8Z9DNBGfrom Ontario  answered…3yrs3Y

A mixed system is beneficial in my view.

 @ISIDEWITHasked…12mos12MO

Imagine a world without banks as we know them; what would be the most exciting or daunting aspect for you?

 @97TX4J6Communistfrom Alberta  answered…2yrs2Y

huh? no???

 @8YZQW4Zfrom Saskatchewan  answered…3yrs3Y

No, and the existing financial system should be dismantled

 @8YRCHSPfrom Alberta  answered…3yrs3Y

No, and strictly prohibit crypto currency and nft’s they are rampant with abuse and pyramid schemes

 @9C8YBHHfrom Alberta  answered…1yr1Y

I don't understand the concept

 @9BZ2SK6from Ontario  answered…2yrs2Y

Yes, but only if it's properly implemented and reduces wealth inequality while benefitting the majority of the population

 @998PFLKfrom Ontario  answered…2yrs2Y

I cannot process this what

 @98V6CBWfrom Manitoba  answered…2yrs2Y

No, just keep close tabs on companies thay offer these services so they dont become too greedy

 @ISIDEWITHasked…12mos12MO

Do you feel that your personal financial information is truly secure, and could decentralization make it more or less so?

 @7PTCG38 from Wisconsin  answered…2yrs2Y

No, this would substantially increase the risk of financial criminal activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, this will both encourage and increase the risks of criminal activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, this will both encourage and increase the risks of criminal financial activity

 @ISIDEWITHasked…12mos12MO

How would your daily life change if money and financial transactions were completely decentralized?

 @ISIDEWITHasked…12mos12MO

What do you think would be the greatest benefits and drawbacks of having a financial system outside the control of any single entity?

 @ISIDEWITHasked…12mos12MO

Have you ever experienced frustration with your bank, and would a decentralized system have solved that issue?

 @ISIDEWITHasked…12mos12MO

How do you think decentralization might affect financial equality around the world?

 @ISIDEWITHasked…12mos12MO

If you had the choice, would you switch to a decentralized financial platform, and why?

 @ISIDEWITHasked…12mos12MO

Can a decentralized financial protocol effectively prevent things like fraud or theft better than our current system?

  Deletedanswered…3yrs3Y

No, DeFi lacks computational scalability, offers no privacy, and lacks in accountability checks beyond transparency.

  Deletedanswered…2yrs2Y

I’m uneducated on this issue.

 @ISIDEWITHasked…2mos2MO

How might financial freedom look different to you if you could operate outside of banks and governments?

 @ISIDEWITHasked…2mos2MO

Do you trust technology more than people when it comes to managing your money?

 @ISIDEWITHasked…2mos2MO

How could a financial system run by the public benefit or challenge individuals in low-income communities?

 @ISIDEWITHasked…2mos2MO

Would you feel safer or less secure using a system where no one organization controls your money?

 @ISIDEWITHasked…2mos2MO

How do you think a decentralized model could challenge big corporations in the financial world?

 @ISIDEWITHasked…2mos2MO

If you no longer needed a bank for basic services, how would your approach to saving and spending change?

 @ISIDEWITHasked…2mos2MO

If every person had the ability to control their own financial services, what kind of new risks do you imagine might arise?

 @ISIDEWITHasked…2mos2MO

How would you handle issues like fraud or theft if there were no central authorities to help?

 @ISIDEWITHasked…2mos2MO

Could you see yourself using a financial platform with full transparency, where all transactions are public on a ledger?

 @ISIDEWITHasked…2mos2MO

How do you think a global push towards decentralized options would impact governments' control over their economies?

 @57ZY5FNanswered…3yrs3Y

The government should have its own set of financial institutions that compete in the Free Market.

 @88NZKDZ from New York  answered…3yrs3Y

Yes, but it should be syndicated into cooperatives.

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, the anonymity of decentralized protocols greatly increases the chances of criminal financial activity

 @7PTCG38 from Wisconsin  answered…3yrs3Y

No, the anonymity of decentralized protocols increases the risk of criminal financial activity

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 @ISIDEWITH submitted…6hrs6H

Texas Offers Trump 1,400 Acres for His Mass Deportation Dream

Officials in Texas have offered President-elect Trump a 1,400-acre ranch for his mass deportation plan.Dawn Buckingham, land commissioner of the Texas General Land Office, said in a letter to Trump Tuesday that her office was “fully prepared” to work with federal agencies that are going to be involved in Trump’s immigration plan, and specifically deportation.Buckingham offered Trump a 1,402-acre lot in Starr County. The lot is owned by the Texas General Land Office and is roughly 35 miles west of McAllen, Texas.She said the agency is ready to work with the Department of Homeland Security and Immigration and Customs Enforcement (ICE) or the U.S. Border Patrol to build a facility on the land for “the processing, detention, and coordination of the largest deportation of violent criminals in the nation’s history.”“I am committed to using every available means at my disposal to gain complete operational security of our border,” Buckingham wrote.The letter and offering of land were first reported by The Texas Tribune. Last month, the state bought the land along the U.S.-Mexico border and has plans to build a wall.In the letter, Buckingham criticized her predecessor for not allowing a border wall to be built on the property. Those actions “enabled cartel members and violent criminals to sexually abuse migrant women and children on this land,” she said.On Monday, Trump signaled he would declare an immigration national emergency and use military assets to support his mass deportation plan when he returns to office.

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