Rayvin

I think the basic idea is that it's the same principle, but relies on using crypto assets as collateral against the loan - therefore bypassing credit checks and all the things that can prevent people from getting access to money in the traditional sense. EDIT - Quiff provided the link, I think that one is a good one for explaining it. As for the latter point, I was reading that something like 31% of the global population is 'unbanked' (they don't have access to a bank account). Of this 31%, two thirds use smartphones. So that tells us that 20% of the global population could stand to benefit from this if we assume that smartphones = internet access.

Not sure it's going to take as long as you've just indicated, mind... Here is what it is meant to do: So let’s unpick why there is a need for DEFI in the first place. Many centralised financial systems are antiquated and slow… ever tried to send money to another country or drawn down from a stocks and shares ISA? There is no technological reason that these transactions shouldn’t occur within milliseconds, but they can take anything from 2-5 days. But it isn’t just pace and modernity that can be the justification for DEFI, think about security. Centralised systems (especially antiquated ones) can be vulnerable to a new generation of nefarious hackers. Reputable financial institutions and their centralised systems can be vulnerable to data breaches, fraud and security issues. And it is customers who initially suffer in these security breach situations, by being locked out of their apps, their digital banking and being reissued cards. DEFI aims to address the three pronged problem within crypto finance of Scale, Pace and Security, all whilst remaining completely decentralised. And here is what the advantages are: First and foremost, interacting with a DEFI system isn’t timebound. So they are available 24 hours a day, 365 days a year. Next, they are available wherever there is an internet connection, so they aren’t flexible in terms of both time and location. Next, they aim to be cheap, because they leverage technology to be as fast and as scalable as possible, but also because of the lack of intermediaries, developers can offer drastically lower fees and charges. Finally and arguably most importantly, it offers an avenue to address ‘the unbanked’. A segment of any population that due to isolation, lack of funds, lack of credit history or (in some cases) political or socio-economic oppression cannot participate in the existing financial system. DEFI aims to be fast, secure, cheap, available, connected and egalitarian.

I'm not really sure where you're getting this 'meaningless' bit from, mind you. It's no more meaningless than any of the other pointless shit any of us buy - Bitcoin admittedly is a fairly pointless project at this stage, but there are plenty of other coins that have been set up with superior technological functions that will, in time, revolutionise the global financial industry - it will remove banks for all those people who would prefer not to use them. It takes a large part of economic control out of the hands of governments. It will allow people to trade with/pay each other without needing to go through high cost intermediaries. You may not agree with this aspiration of course, but it is the 'purpose' of cryptocurrency and blockchain.

Just gonna remind everyone that Elon Musk believes himself to be a literal Elven Overlord and wants to pivot humanity towards a technocracy, which would naturally involve himself and the other elves taking control. His son is also named X Æ A-12, something even he struggles to pronounce. He's a narcissistic fruitloop and not the real world Bruce Wayne his personality cult seem to believe him to be.

I've found it an interesting thing to be part of but it does need to go mainstream with a justification for its existence sooner rather than later. I also want to hear more about this: Which DeFi projects are doing that, exactly?

It's a fair point. I'm not invested into BTC though. Not that this saves me from criticism on any of the others... will reflect on it next time I need to feel bad about myself over something

KCG is a fellow Scottish independence voter, I would never do that. More importantly, I didn't even realise that muting was a thing

Sorry, KCG's post was hidden for me because it refreshed weirdly. Seems to happen sometimes when you click the 'see new posts' button.

The turn of phrase? I just mean that you have more experience than me on this, so I'll take your word for it

True enough I suppose. You're longer in the tooth with this stuff than I am, so I'll defer to your experience here.

Unfortunately the whole market moves up and down based on bitcoin. I've not invested in it at any point because I don't think it has particularly strong utility in the long run, but there are plenty of other strong cryptocurrencies that are moving us towards a decentralised financial system, which is something that I think would indeed be desirable. Elon has more or less crashed the lot of them today. You're right about the memecoins and so on, but I think projects like ADA and possibly XRP in some senses, do have legs and reasonable technological underpinnings. ADA is up today despite all the chaos, which is pleasing at least.

So I've just picked up that Vitalik Buterin, one of the lead guys behind Ethereum and 27 year old billionaire, was inexplicably given half of all Shiba tokens (Dogecoin rip off) which the developers considered was effectively 'burning' them. He's just given 5% to India for their COVID relief and crashed the coin. It's the wild fucking west with crypto It needs to get these cowboys out of the picture if it's ever going to get anywhere.

I mean he's definitely set off this latest dip. It's just tedious tbh, the only thing you can do is hold and wait while your screen is flashing red at you. ADA is still holding at least, that's something. Seems relatively impervious. Probably because Musk isn't in on it.

He really fucking does, the utter cunt Crashed the entire fucking market.

Jesus. 99 ETH would be about $400k now... But you've still got what, a whole BTC? People seem to think it'll reach $1m although I think some other coins will outstrip it in terms of gains over the same period, personally.

Knowing my luck it'll collapse overnight but I have to say that I have an overall pretty good feeling on it. I'm not risking anything serious, if it falls over then oh well. Never heard of this coins at this level are a right pain to buy though. Need various wallets and transfers and exchanges.

Nice tip, will review. And yes, I'm not immune to the latter either Hence Bonfire. Here's the whitepaper for it, I think I'll probably dip in. https://uploads-ssl.webflow.com/607c529b76581dfbd9b01429/607fa34305117f50be77c8a6_Bonfire_v1_tease_1_1_1.pdf Currently trading at 0.00005. Released 3 weeks ago. High risk obviously, but the team behind it is visible and committed. It's one of these ones that encourages you to hold by putting a 10% tax on all sales, 5% of which is distributed to all other holders. Problem with it is that the supply is utterly massive, but they're actively burning so who knows.

Yeah I vaguely remember that happening. He was a fairly classic Brexiter in many respects but he wasn't a bad guy other than his inability to take responsibility for the chaos his vote caused. I'm fairly sure he was of the 'I'm alright Jack' mindset at one point or another as well. I'm currently investing in ETH, ADA and XRP - the latter not because I believe in the project per se (although it does seem to have sizable uptake within banks and financial institutions) but because the company behind it is being sued by the SEC which has held the price down. Court case concludes in October as I understand it, and price should rise nicely if they win. Naturally, if they lose, it'll go down - but the signs seems positive from my reading of it.

https://www.newstatesman.com/politics/staggers/2021/05/tony-blair-warns-labour-could-die-under-starmer-and-woke-left-he-planning Blair giving Starmer both barrels here. Not sure I can see the evidence of a 'plan for a return to front line politics' but it would certainly be a dramatic development. I agree with much of this, in particular this part: Young progressives, suggests Blair, have “defaulted to issues around culture, gender, race and identity” precisely because Labour has failed to offer them an economic programme that is both radical and practical. Starmer’s empty cultural politics follow from his failure to offer any economic vision.

They probably did you a favour since it crashed from 0.74 to 0.49. You can pick it up on eToro if you want it badly enough though. 'High roller' might be a bit generous mind Decent shouts, will look into them. I've been looking at Bonfire lately but it's hard to tell if some of these projects actually have legs. Probably the wrong thread for this like.

I thought you were the expert in this? I'm fairly new to the scene with it but I've read a few of the white papers for some of the projects and there are very few losers in decentralised finance other than the status quo institutions. It's hard to imagine that it won't continue to gain traction, assuming it isn't actively stopped in some form through legislation.

Agreed but not quick enough to offset the damage this will do.

Non-pretentious, informed, compassionate voter. You're in such a minority in this country that you're not worth mentioning

Totally agree with this, every word. 1 and 3 will co-exist I'm quite sure. 3 will get the social progress components along with action on green initiatives, and probably even some public ownership. 1 will get a stable and competent business environment and ideally, a nicer country to live in. 2 will also benefit from all of that, but they'll bitch about it.

That transcript I fucking hate him man, he's one of the most tedious managers we've ever had.