[beefield]

This. So much this. The disruption in finance was moving from things as money to debt as money. And somehow the people who think current crop of crypto could work as money are so delusional that they fail to understand they are trying to turn the clock backwards, not forward. The thought that bitcoin would somehow limit the amount of money (as currently defined, I am talking about M0, M1 etc) in circulation is simply nothing short of delusional. Bitcoin will not stop people wanting to borrow and loan money and it will not stop people using other entities debt as a mean to pay other people (money, that is.)

Defi, you say. Show me a defi project that lets people borrow more money than what they have in the first place. Show me a defi project where I actually take the credit risk for the borrowers when lending the money to them. (Show me those and I show you an emerging fractional reserve bank and uncontrolled money creation by the said bank...)