Bitcoin Decentralized Finance DeFi – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

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DeFi, a shortened version of the mouthful “decentralized finance”, is a hot buzzword these days. The term is often associated with crypto tokens and networks, as well as the applications built on top of them for lending, borrowing, asset trading and other financial contracts to be executed without intermediaries.

Most of today’s financial contracts require central intermediaries which are arguably opaque by design and must be trusted by both parties to execute contracts fairly. Sometimes that trust is broken, like when the largest foreign exchange (Forex) brokers colluded for at least a decade to scam their customers — costing companies, pensioners, investors and savers a yet unknown figure that could easily amount to over $1 trillion. Only one person was arrested and the banks involved were fined a total of $1.7B — around 0.2% of their total earnings from the scam. The reasons we distrust banks, and the governments and central banks standing behind them, are abundant — I’m sure you have your own.




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