Friday, July 1

Banks’ vs. DeFi Battle Is A Win For Individual Cryptocurrency Investors By CoinTelegraph

© Reuters. Banks’ vs. DeFi Battle Is A Win For Individual Cryptocurrency Investors

The current state of banking and finance presents a complex maze that even seasoned bankers struggle to navigate. Despite appearances, there is a method to this madness. As Nobel Prize winners such as Muhammad Yunus and Joseph Stiglitz have warned in the past: Central banking, in particular, has been transformed to keep the status quo in check. Or, in the words of Mike Maloney, an expert in economics and monetary history: it is “the biggest scam in the history of mankind.” Maloney reasons that giving a small group of unelected people the keys to the monetary press will undoubtedly ruin the purchasing power of workers’ savings, to the benefit of the few who benefit from asset price inflation.

In the wake of the global financial crisis and devastating banking operations around the world, individuals and small business owners who simply want to preserve the wealth they have earned are increasingly wondering: Does my bank work for me or do I work for my bank? But, until recently, there were simply no alternatives to central bank currencies, nor could anyone provide the services of commercial and investment banks.

Today, with cryptocurrencies and decentralized finance platforms (DeFi) on the scene, institutional banks are no longer the only players in the game. What was once the unquestioned, and even uncontrolled, power of institutional banks before the 2008 financial crisis is now at stake as thousands of new entrants compete to change the foundations of financial systems as we know them.

Read the full article on Cointelegraph

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