Sam Bankman-Fried failed us. The chain has never failed us, amandacassatt writes. Opinion.
Our community keeps learning the lesson of decentralization the hard way. Celsius Network. BlockFi. Voyager Digital. Now FTX.
With Bitcoin, Satoshi changed the locus of decision making from politicians to an automated code base, giving regular people the option to permissionless-ly participate in an alternative financial system, one where the rules are public, apply to everyone and execute automatically. Then, with smart contracts, Ethereum-based decentralized finance delivered these benefits in various forms to hundreds of thousands of people.
Despite sell-offs, Uniswap, Balancer, Curv, and other decentralized exchanges and decentralized finance platforms have been functioning smoothly, enabling users to exit their crypto positions or, if they prefer, to capitalize on low prices and buy in. Users may have seen their portfolios decrease in dollar value, but they never lost access to their assets. If that isn’t consumer protection, I don’t know what is.
Users should insist on a base settlement layer for economic activity that is as decentralized as possible, to avoid exactly the scenario that has played out in recent days. History may not repeat itself, but it sure does rhyme – and we would do well to heed the lessons it teaches.
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