It’s been a long time since we sat there listening to someone wondering what on earth is he talking about.
Yet at ETHDenver, the defi conference that has just ended, our comprehension of anything that was occurring was sorely lacking.
That shows just how fast the defi space seems to have moved and grown with all sorts of new terms that make you feel you are more at the cutting edge of finance than anywhere to do with code.
Automated market making, balancing, put options, fixed loans, yields, returns for traders and obviously what we heard: bots bots bots bots bots.
You’re not trading peer to peer here, you’re trading against code, say the new fintech wiz.
What on earth that means obviously they didn’t bother to spell out, but apparently something to do with liquidity pools which can instead be called automated market makers, or obviously bots as we prefer.
A good example to use to convey the feels is the project that had the slickest video ad on earth. Then when you got to the demo you’re suddenly in a rocket science lecture that has something to do with stokens and itokens that somehow give you a fixed loan and you don’t have to worry about anything now.
Get this: Vitalik Buterin is usually the star of the show. Here… boooorrriiiingggg. Literally, we did fall asleep while listening to his interview. Sorry, but the other bits had kept us up till five am.
Now maybe we’re exaggerating a bit, and to bring down their egos slightly… meh, let them enjoy this moment because it’s a very rare one.
It’s a new world, and here at ETHDenver it has become real. They did not lie at least about one thing. Open finance is coming, and much has already arrived.
We told them to build two years ago, and they have. We said “we’ll upgrade our money, become bankers, each and all, ourselves loaning our savings, investing, for equity,” and that’s here.
And it has only begun. Viva la Revolucion. Long live the builders of the new world with skepticism now dead or dying as that dream of Hayek comes alive:
“The older generation of bankers would probably be completely unable even to imagine how the new system would operate and therefore be practically unanimous in rejecting it. But this foreseeable opposition of the established practitioners ought not to deter us.
I am also convinced that if a new generation of young bankers were given the opportunity they would rapidly develop techniques to make the new forms of banking not only safe and profitable but also much more beneficial to the whole community than the existing one.” – Hayek, Denationalization of Money.
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