Torando Cash’s ban wouldn’t have been as bad if we weren’t so dependent on centralized platforms. Here's what I mean
A lot of people have become skeptical saying “if crypto was supposed to fight tyranny and centralized authority, then how did the US government cause such a ripple in the space?” The main reason this happened is because of us, not crypto itself. We let centralized exchanges take over the entire crypto space. What do you expect to happen when an American centralized exchange like Coinbase or Binance US have everyone’s private information and facial ID? What do you expect to happen when we rely on Tether or Circle for our stablecoins instead of something like MakerDAO’s DAI? We are all a part of the problem. What we are in right now isn’t a crypto market because it’s centralized asf. What we’re doing goes against everything that crypto stands for in the first place. What happened to the days where DeFi was king? Don’t get me wrong, DeFi TVL is still higher than that on CEX and we’re still seeing a lot of development in the DeFi world AAVE will soon drop their own algo stablecoin similar to that of DAI. Bitdao already has $1.5 billion worth of assets in its treasury treasury and will soon launch its own L1 Curve voted on adding even more liquidity to their pools (which is great because that would boost algo stablecoins even more). But all of that alone still doesn’t matter when the other half of crypto is still run by centralized exchanges. Yes, DeFi TVL is higher but you can’t ignore how huge CeFi TVL is as well. People aren’t willing to lose this much money. If we’d all use DEXs, DAOs and other DeFi tools, we wouldn’t care less about what the US government says because they can’t reach us. But when USDC, USDT, Coinbase, Binance US and many more crypto companies are US law abiding companies then it’s a big deal. So bottom line, stop blaming crypto and DeFi. The fundamentals are still there. Start blaming the people that made the crypto space regulatory compliant. This is the reason why the US has such a huge effect on the crypto market that was supposed to be decentralized and only answers to the community in the first place.
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