The centuries-old monetary system higher than DeFi
IN THE historical past of harmful naivety, the decentralised finance mania of 2021 will maintain its personal in opposition to the 2007 increase in collateralised debt obligations. It took a monetary disaster for the world to clever as much as CDOs, which repackaged dangerous mortgage bonds to make them look safer than they have been. “CDOs are nothing but a massive Ponzi scheme,” mentioned the villain of a fictional account of the 2008 meltdown. How way more carnage will it take this time to know that blockchain-based lending is equally reckless?
The centuries-old monetary system higher than DeFi.
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