> your bank can block your assets as well as your government
It wasn't until recently that governments (arguably) became good at using technology to physically regulate banking activity, and it's only because the financial system became centralized enough for them to gain visibility into what was going on. Before then, and - to be honest, even now - government regulation was operationalized through the threat of repercussions and consequences for non-compliance.
Aside from reducing visibility into the transactions themselves, I don't understand what, exactly, DeFi or any of the other acronyms for ledger based systems do to stop this. Does DeFi, crypto, or whatever it's being called at the moment make it easier to avoid government oversight? Sure, but if you are doing something illegal in the process and get caught, there will still be legal repercussions.
> hard to transfer LARGE sums cheaply... fees are sometimes very high as well. Example tried to convert one currency to an other 1% fees in europe. I think you would pay less in a DeFi setup.
Is this still true? I'm pretty (very) sure that Interactive Brokers and other platforms allow for extremely cost effective currency transfers.
1% is true, for a lot of banks in my country. IB may be an exception, without going into details I had trouble with their kyc.
DeFi is a buzz word. Lets take Uniswap. You get direct access to an exchange. It works 100% of the time. You pay the same fees as everybody else.
Traditional exchanges: try to get the same fees as a HFT shops. Yeah forget it. Even through IB you don't get direct participation on the exchange. So in my perspective the traditional system is kind of rigged in the way how different actors are able to participate. At least at the moment DeFi is fair in this regard. Also you get full access to the assets you are holding without any third party..
It wasn't until recently that governments (arguably) became good at using technology to physically regulate banking activity, and it's only because the financial system became centralized enough for them to gain visibility into what was going on. Before then, and - to be honest, even now - government regulation was operationalized through the threat of repercussions and consequences for non-compliance.
Aside from reducing visibility into the transactions themselves, I don't understand what, exactly, DeFi or any of the other acronyms for ledger based systems do to stop this. Does DeFi, crypto, or whatever it's being called at the moment make it easier to avoid government oversight? Sure, but if you are doing something illegal in the process and get caught, there will still be legal repercussions.
> hard to transfer LARGE sums cheaply... fees are sometimes very high as well. Example tried to convert one currency to an other 1% fees in europe. I think you would pay less in a DeFi setup.
Is this still true? I'm pretty (very) sure that Interactive Brokers and other platforms allow for extremely cost effective currency transfers.