As the market cap for cryptocurrency surpassed $2 trillion, and overtook the banking industry, DeFi is establishing itself as a major threat to the traditional financial sector. Many of the banks are aware of this, looking to enter the space as they try to remain relevant.
I'm very curious to see when and who is going to join DeFi first. Regulations need to be set first, that is true but sooner or later we're going to see them join. The growth rate is absolutely mind blowing.
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I think the idea of DeFi is for it to operate outside the realm of regulators.
They can oversee centralized entities but those decentralized, it gets very tough.
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Ok, let me explain. When I said regulation is needed, I wasn't referring to DeFi, but banks, regarding how to participate.
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We just need to keep chipping away at the banks business.
If we do that, they will be not relevant.
This happens by pulling as much money out of them and putting it in crypto. With less money, there is less than can do.
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Well, I have been doing that for some time and after the last stunt they have pulled, I'm not sure I could ever trust them.
Exchanges are also a risk though. Not your key, not your crypto. I'm not holding much on exchanges, but I'd like to trust them.
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Exchanges come with the typical 3rd party counter risk. However, some are more reliable than others. It is vital to know who is insured against hacks.
But in the end, it have to be your crypto.
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Yes, it's better if it's your crypto.
Is there any way to check which exchange is insured and for how much? I suppose they have to make it public or I just think that because it would gain trust?
!ENGAGE 30
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ENGAGEtokens.