I remember when I joined the blockchain after the ending the adventures with the adsense based sites. I noticed a lot of people were sold to the decentralized finance. People were brainwashed into belief that all govt in the world spy.
In reality we know a lot of Asia, Africa and the south american govt dont have funds and the money to use CCTV and the workers who work with govt offices don't have the means to even spy thier kids, but we are sold on the same by the people who sell the tokens to us.
In short a lot of decentralzation was sold at the expense of the fake privacy narrative. When we all know apart from China, Russia, UK, US and Canada are the only govt who can afford to spy as a govt.
So the decentralized apps and the chains are being sold by whom to us?
Image Credit: Leo Images
Govt is Evil, Buy My Token
No offense to US and Russia, but you doing this manipulation to your citizens and keeping entire planet as hostage and under belief that all govts are bas is one of the reasons for the development of the tokens. A lot of tokens were sold to give you financial independence and the stability.
In real life, we are being sold many tokens, alt coins which are totally zero value and there is no way they can make anything strong money for you. Which is what we kind of expected. And I suppose a lot of people know we are being sold to the fake coins under pretext of "govt is evil".
Stablecoins pegged to USD
USD is being treated like a god in the world economy. And if we consider how the stablecoins are meant to be in reality, we know that each nation should have it's own stablecoin and not bow down to the USD. So we have to think of the stablecoins which are accepted by all and not just being told to think USD as a stablecoin.
When we give too much power to the USD,we end up making some of the wrong choices with the tokens. In short the stablecoins are meant to be checked against our own local currencies but we are being forced to trade with USD which is kind of misleading in my opinion.
DeFi and the Rugpulls
There are some of the DeFi projects which are run on the platforms like ethereum, bitcoin cash, and even hive. You may notice that a lot of coins are coming up which are rug pill. They promise to be a good project and also you have to invest and then it couold lead to rug pull.
DeFi projects are harder to trust because there is always one developer which can go rogue and also things can end up losing a lot of money. Which is kind of same scenario like the centralization. Which we can see clearly.
Decentralized finance on blockchain needs to be treated very carefully because people are now finding such tokens and the platforms as a means for the rug pulls. And to avoid that we have to ask questions like what's the use case, what's the long term game? Otherwise investments are not only risky but a downfall.