> governments are trying to scare companies away from offering crypto on-ramps (since that's the part of the DeFi/crypto ecosystem they can actually exert some power over)
That's the thing I find #disturbing. The past thirty years have been a shocking display of regulatory capture by the banks and other financial organizations, with abuse after abuse against the citizenry going unpunished.
I'm becoming more and more strongly in favor of #DeFi simply because it offers the chance for those who are not ingratiated with the centers of power to lend and receive loans, buy and sell, and to escape from the control of financiers. Seeing regulators fighting against it just convinces me more that I want to break the grip of the corrupt bankers.
Some parts of #DeFi make a little less sense than others. But if someone sees a very short term opportunity (such as the arbitrage situation mentioned in the article) they can borrow, quickly transact, take their profits, and repay the loan. That's "flash loans".
Well, there's the seller, the buyer, the seller's bank, the buyer's bank, and the seller's card processing agent. In some cases two or more of the third parties are the same organization, but usually they are not.
You don't necessarily trust the other party's bank or the payment intermediary, either. Sometimes, you just hope that your bank will be willing and able reverse the transaction if you have a problem.
This is probably great, but it is way too long. I'm using listen for half an hour, then pause and go do something else. But I can't promise I'll be able to continue all the way through.
"Bankless" has a series of videos, but this is the only one I've listened to.