[drdrek]

The author is a bit melodramatic. Yes there are mostly scams in the space, but that is not a bug, its a feature of less regulation.

Most advocates of Crypto like most critics think about Crypto from the perspective of a consumer, which is misguided. How many people, especially technically minded people, know the boring technical intricacies of the financial sector? Not many.

The concepts, if not necessarily the current implementations of them will be used by large financial institutions to generate better margins, help High net worth individuals to avoid taxes better and possibly some other very boring things around decentralized consensus algorithms.

Defi is interesting to Vanguard and Citi, not to the consumer.

It will not revolutionize the world, nor destroy it... like most technology it will create a few successful companies and make some people rich.

PS Just to be clear, it is currently a dumpster fire that needs to be regulated ASAP. But its not going to do much more than pump a bit of cash from poor people to scumbags, that is not new.