> not far from replacing your consumer bank

Compared to most users here, I live in the middle of nowhere. Most stores don't even accept credit cars or do so begrudgingly because cash payments allow them to pocket tax money. Even if this whole crypto-nonsense doesn't crash and burn in the end (which I consider highly unlikely, but what the hell do I know?), it will be ready to replace my bank in… let's say 50-60 years. Let's get extremely reliable internet connection to every shithole on the planet first, and then we'll see.

1. I also think the crypto prices are going to collapse but everything I just listed is stablecoin denominated. The question is if all the stablecoins go down too - Matt Levine flipped me on this topic: https://archive.md/cQVJl

2. price "collapse" of 90% is actually not a collapse if it's up more than 10x in a small number of years

3. MEME-POWER is an incredible force, HODL may be enough to keep the perpetual motion machine moving. Markets are only as rational as humans!

4. the TIMING of collapse matters – covid/climate policy is perpetuating the bubbles and it seems governments might fracture before crypto fails, at which point where would you rather be, dollars or crypto?

5. the costs of inflation/bubbles is shouldered on the middle class and poor, so it actually is being paid for and may not actually be out of balance

6. We may be looking at a housing market generational situation. The answer is not to second guess the market, that's how you miss generational gains.

You should be asking why they are high interest and whether it really should be called a savings account. The key concept here is junior versus senior debt. If you're taking risk for someone else, it's not a savings account, more like a high risk junk bond or derivative.

> defi is not far from replacing your consumer bank

Where "not far" you mean "as far as it is from Mercury to Pluto", then yes, not that far.

Easy question to gauge distance: how does defi handle refunds and enforcement?

It differs from project to project. If you and your users want refunds or a specific type of enforcement there's nothing stopping you from writing the relevant logic in your smart contracts.

Yep. I really think more usage of escrow type solutions will be an important next step for this to go mainstream.

I don't have a refund or scam problem, what is enforcement?

I think this approach would work for me right now! The only remaining issue is if I can get a mortgage – but I already have one. Everything else (like cars) I can purchase outright