Solana is centralized, no? If a handful of people can shut down the entire network in a few minutes, how is it a strong network? How is it not centralized?
Re:Why Web3?
by FridgeSeal on Wednesday December 29, 2021 @07:10PM
(#29731827)
To add to this, are not most blockchains centralised around the core dev team?
The money transfer/bookkeeping system might be decentralised in comparison with standard finance, but it’s no less centralised than a fiat currency, and at least the democratically elected government in my country can 1: be voted out, and 2: employs people who actually understand finance and economics…
Both of those are centralized, and will need to compete with zk rollups on Ethereum in the coming year, which will have tokens too, incentivizing people to try it out.
That is not why people take out loans. They do it for leverage and to avoid selling because they want exposure to ETH or BTC. There are easier ways to avoid taxes.
Re:Why Web3?
by pazimzadeh on Wednesday December 29, 2021 @06:41PM
(#29731593)
Go on
It may come as a surprise but there are other chains that support DeFi apps and which do not have high gas fees like Ethereum. For example, Avalanche and Solana.
Collateralized crypto loans are the equivalent of people taking loans out on their equity position so they don’t have to pay cap gains and don’t need to Liquidate. So the use case is already demonstrated, it’s just now applied in a crypto world.