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Comment by seibelj | Hacker News Reader

All of this speeds the adoption of decentralized solutions. 2020 vs. 2017 is night and day - most of these contracts can be minted, traded, and settled in a completely decentralized and unstoppable way. Once ETH scaling solutions are fully deployed it’s game over. The world has simply changed. There won’t be anyone to arrest in 2023.

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Most of these contracts are still traded on cex. total volume on cex exceeds 200bn a day, defi is not even close.

The balance of power is shifting though.

DeFi is great for “slow” finance, but anyone who wants high leverage or instant liquidity will stay on centralized exchanges. There’s plenty of room for both in a healthy financial ecosystem.

Still need to convert USD into crypto. Who will do that?

That will also be solved, using chain collateralized actors in meat space. It’s already kind of happening, with projects finding ways to tokenize off chain assets like stocks and property.

>meatspace

So a ripe target for regulation? You may not remember the Nixon shock, but overnight gold was devalued and the target of enforcement was on conversion from gold to USD. All it takes is a very heavy handed law to collapse a delicate single point of failure

Here in Mexico people are using LocalCrypto along with "send money to a friend by giving him a code so that he can withdraw from an ATM without a card" to perform anonymous long distance exchanges. Granted, the amounts are relatively small (350 usd max) but it looks quite useful.

It’s all done in seperate parts. Pick an exchange and turn your USD into USDT or ETH then get that into your favourite DEX and go wild!

To shut this down you need to shut down our darling Coinbase because the rest of this can be done completely anonymously with smart contracts.

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