Shadowy Super Bankers | Weekly Recap
Someone tell Senator Warren DeFi isn't the enemy...it's the solution
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Dear Bankless Nation,
Elizabeth Warren came out this week scrutinizing crypto.
Some harsh words. Here’s one of the quotes:
“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me…
First of all, shadowy super coders? Ok that just makes it sound cool.
Second, we’re not at the whims of super coders and miners. These are opt-in systems anyone can fork. Let’s not conflate crypto with giant American banks.
Third, many of us aren’t faceless…
The largest DeFi protocol by market cap and arguably the most successful is Uniswap. Created by Uniswap Labs (a venture backed American-based company) and U.S. entrepreneur with a face, Hayden Adams.
How about Compound? A lending and borrowing protocol that’s delivered tens of billions in value—built by Compound Labs and founded by an American who’s also a person with a face Robert Leshner.
As Maker Founder Rune Christensen pointed out if the U.S. seriously interferes with DeFi innovation it would be one of the most massive self-owns in recent history. DeFi is a rapidly innovating sector in tech and much of that innovation is US-centric.
You wanna end that?
Her anti-crypto letter to Treasury Secretary Janet Yellen included this:
“DeFi refers to a fast-growing and highly opaque corner of the cryptocurrency market which allows users to engage in a variety of financial activities”
Highly opaque?
Senator...we call this open finance because it’s the least opaque financial system humanity has ever created. It’s crystal clear. Everything is viewable on a public, permissionless ledger. The software can only do what it’s programmed to do.
This isn’t your enemy.
This is the solution.
In DeFi, earnings reports are available in real-time. Our financial agreements are accessible to anyone. Our banks are open ledgers. You can click view source on any asset and see exactly what it contains.
You know what’s opaque?
The U.S. banking system and shadowy super bankers that control it.
Isn’t a free, open financial system where everyone plays by the exact same rules the most American thing ever?
It should be.
If not, crypto will march on regardless.
Because crypto is the next internet. If the U.S. doesn't adopt it, the U.S. falls behind.
Next week is EIP 1559 week…
We talk inflation with Lyn Alden (early access for Premium Subscribers!)
We’re hosting THE BEST panel ever on EIP 1559
A tactic on how to make bank from automated options strategies
Enjoy the weekend.
- RSA
P.S. 30% off Ledgers?? Only discount I’ve seen all year—get on it (especially if you don’t have a hardware wallet yet!!).
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Recap for the week of July 26th, 2021
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Hi Ryan I’m a fan of bankless. I have a concern that the merchandise you are selling will only be appealing to men. Can you sell something that we would like to wear? Thank you. Monica
REGULATIONS! As long as they cannot control us the item becomes a threat. No matter the item, in this case money, it goes beyond implications that are possible for crypto users and becomes an independent way of controlling your own life and finance. This threatens their control and design of our so called freedom. Do whatever you want "free" as long as we say it is alright and as long as we get paid to let you do it. Ahh Capitalism