Decentralized Finance - Revision history

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2021-11-24T17:56:12Z

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2021-11-24T17:53:51Z

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2021-11-24T17:46:20Z

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Tom: Created page with "==Full Title or Meme== Decentralized Finance or DeFI is a complete misnomer since all finance is already decentralized in that there is not a single central authority. Wha..."

2021-11-24T17:24:49Z

Created page with "==Full Title or Meme== Decentralized Finance or DeFI is a complete misnomer since all finance is already decentralized in that there is not a single central authority. Wha..."

New page

==Full Title or Meme==
[[Decentralized Finance]] or DeFI is a complete misnomer since all finance is already decentralized in that there is not a single central authority. What most people mean by DeFI is [[Blockchain]] currency or [[Anarchy]] in the financial sector of the economy.

==Context==
*New York Times article<ref>Ephrat Livni, ''For Rules in Technology, the Challenge is to Balance Code and Law'' (2021-11-23) https://www.nytimes.com/2021/11/23/business/dealbook/cryptocurrency-code-law-technology.html</ref><blockchain>The idea that "code is law," observed in a 1999 book by Harvard University's Lawrence Lessig, has been embraced by the cryptocurrency industry, with some firms contending code can be a better arbitrator than traditional regulators. However, issues have emerged in the decentralized finance (DeFi) sector, with hackers this summer overriding smart contract instructions to steal $600 million from the Poly Network, which lets users transfer cryptocurrencies across blockchain networks. DeFi platforms typically are established as Decentralized Autonomous Organizations governed democratically by a community of users who vote with crypto tokens. Said Lessig, "We need a more sophisticated approach, with technologists and lawyers sitting next to behavioral psychologists and economists," to define parameters to code social values into programs.</blockchain>

==References==

[[Category: Glossary]]

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 ==Full Title or Meme==
-[[Decentralized Finance]] or DeFI is a complete misnomer since world-wide finance is already decentralized as there is not a single central authority. What most people mean by DeFI is [[Blockchain]] currency or [[Anarchy]] in the financial sector of the economy.
+[[Decentralized Finance]] or DeFI is a complete misnomer since world-wide finance is already decentralized as there is not a single central authority. What most people mean by DeFI is [[Blockchain]] (aka crypto) currency or [[Anarchy]] in the financial sector of the economy.
 ==Context==

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 ==Context==
-*New York Times article<ref>Ephrat Livni, ''For Rules in Technology, the Challenge is to Balance Code and Law'' (2021-11-23) https://www.nytimes.com/2021/11/23/business/dealbook/cryptocurrency-code-law-technology.html</ref><blockchain>The idea that "code is law," observed in a 1999 book by Harvard University's Lawrence Lessig, has been embraced by the cryptocurrency industry, with some firms contending code can be a better arbitrator than traditional regulators. However, issues have emerged in the decentralized finance (DeFi) sector, with hackers this summer overriding smart contract instructions to steal $600 million from the Poly Network, which lets users transfer cryptocurrencies across blockchain networks. DeFi platforms typically are established as Decentralized Autonomous Organizations governed democratically by a community of users who vote with crypto tokens. Said Lessig, "We need a more sophisticated approach, with technologists and lawyers sitting next to behavioral psychologists and economists," to define parameters to code social values into programs.</blockchain>
+*New York Times article<ref>Ephrat Livni, ''For Rules in Technology, the Challenge is to Balance Code and Law'' (2021-11-23) https://www.nytimes.com/2021/11/23/business/dealbook/cryptocurrency-code-law-technology.html</ref><blockquote>The idea that "code is law," observed in a 1999 book by Harvard University's Lawrence Lessig, has been embraced by the cryptocurrency industry, with some firms contending code can be a better arbitrator than traditional regulators. However, issues have emerged in the decentralized finance (DeFi) sector, with hackers this summer overriding smart contract instructions to steal $600 million from the Poly Network, which lets users transfer cryptocurrencies across blockchain networks. DeFi platforms typically are established as Decentralized Autonomous Organizations governed democratically by a community of users who vote with crypto tokens. Said Lessig, "We need a more sophisticated approach, with technologists and lawyers sitting next to behavioral psychologists and economists," to define parameters to code social values into programs.</blockquote>
 ==References==
 [[Category: Glossary]]