@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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Answer Overview

Response rates from 258 Rhinoceros voters.

49%
Yes
51%
No
40%
Yes
44%
No
5%
Yes, but only if it’s truly decentralized and cannot be manipulated by any person, group, or government agency
7%
No, and I don’t understand the concept of decentralized finance
3%
Yes, but I would prefer if the protocol was created and secured by a government agency instead of a decentralized protocol
2%
Yes, this would reduce wealth inequality by providing more transparent, affordable, and inclusive access to financial services

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Other Popular Answers

Unique answers from Rhinoceros voters whose views went beyond the provided options.

 @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

 @9BS8F8Bfrom 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.

 @97TX4J6from Alberta  answered…2yrs2Y

huh? no???

 @8YZQW4Zfrom Saskatchewan  answered…3yrs3Y

No, and the existing financial system should be dismantled

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