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A comment on DeFi risks and the decentralisation illusion. Parent comment

Re:DeFi risks and the decentralisation illusion by hellojesus on Tuesday December 21, 2021 @04:20PM (#29642246)
Or they could sell their bread locally for cash only.

Or they could make their own payment processor if the existing ones weren't doing a good enough job for them.

There are a lot of avenues to work around the cartel of the banking industry, and I am a fan of any implementation that ignores the unconstitutional Bank Secrecy Act. Crypto does fall into this category but is not the only method.

[ Parent | on HN ]
Re:DeFi risks and the decentralisation illusion by landemva on Tuesday December 21, 2021 @05:04PM (#29642674)
'Or they could make their own payment processor...'

Theoretically maybe. Money transmission laws will likely trip them up. Big barrier to entry.

[ Parent | on HN ]
Re:DeFi risks and the decentralisation illusion by hellojesus on Tuesday December 21, 2021 @06:56PM (#29643644)
Yes, that's why I stated that crypto was still applicable. You get the benefits of money transfer without the barriers to entry (except maybe in converting to and from fiat).
[ Parent | on HN ]