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Issue #346: Put me out of my "open finance" misery

Oct 24, 2018
Marty's Ƀent

Issue #346: Put me out of my "open finance" misery

I'm sorry to inundate you freaks with yet another stablecoin take during this very trying time that has been ignited by stablecoin madness. However, this morning I feel implored to stand up on the little soapbox that is this here rag you're reading and point out that this statement from Vitalik is completely asinine.

We should be okay with Coinbase being able to blacklist customers and arbitrarily freeze their wallets because we can see that this is possible in the code?! First off, have you ever heard of a prospectus, Vitalik? It's pretty much the same thing as an auditable smart contract in the sense that it tells you everything the 3rd party you decide to lock your money up with can do with said money. The fact that people can see in the code that Coinbase can freeze their accounts or prevent certain transfers is nothing revolutionary. In fact, I bet the traditional way of disclosing this type of power that 3rd parties have is more of a level playing field because anyone who has a grasp of the English language can read prospectuses, only a small percentage can read + comprehend the code that makes up a smart contract. So this may actually be *gasp* less open than previously expected.

Lastly, the whole concept of "open finance" has been so bastardized by people who don't possess a rudimentary understanding of what finance is. Everyone is missing the forest for the trees when it comes to this cryptocurrency revolution. Attempting to recreate the system we are running away from and thinking things like freezable stablecoins are actually innovative. The concept of "open finance", at least to me, revolves around the fact that anyone can download software and begin benefiting from/participating in a digital monetary system that has no leaders, no censorship, and very little barriers to entry. A stablecoin issued by a corporation that has the power to cut you off at any moment is the antithesis of this.

Final thought...

Still banging to ASTROWORLD.

R.I.P., Screw.


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