@ISIDEWITHQuestionseconomyStarted 3yrs agoActive 6mos ago

Should the technology of our financial system transition to a decentralized protocol, that is not owned or controlled by any corporation, similar to the internet?

Decentralized Finance (commonly referred to as DeFi) is a blockchain based and cryptographically secure form of finance. Inspired after the financial crisis of 2008, DeFi does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. DeFi platforms allow people to verify any transfer of ownership, lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against…  

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Answer Overview

Response rates from 8.3k UK voters.

49%
Yes
51%
No
35%
Yes
39%
No
9%
Yes, but only if it’s truly decentralised and cannot be manipulated by any person, group, or government agency
12%
No, and I don’t understand the concept of decentralised finance
3%
Yes, but I would prefer if the protocol was created and secured by a government agency instead of a decentralised protocol
2%
Yes, this would reduce wealth inequality by providing more transparent, affordable, and inclusive access to financial services

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Other Popular Answers

Unique answers from UK voters whose views went beyond the provided options.

 @8WFQGTDanswered…3yrs3Y

WTF is this

 @9QFBCDBanswered…6mos6MO

There's room and good reasons to have both systems. Some systems need to be private and permissioned while others are better off as decentralised and open source to allow scrutiny and accountability.

 @9F3TLPM answered…1yr1Y

No, decentralised finance increases the risk of money laundering, fraud and tax evasion

 @9B84XHJanswered…2yrs2Y

We should have nationalization on trade.

 @96R9KV8answered…2yrs2Y

Not yet, wait until the technology becomes more stable and secure, and when the government has its own cryptocurrency.

 @93WBNT9answered…2yrs2Y

Move towards abolition of money entirely

 @99QYDG8answered…2yrs2Y

Online banking should always be under the control of its respective bank, building society or credit union.

 @94428Z4answered…2yrs2Y

I am confused

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