Attempt at Falsification: If the middleman is the insurer, where defi has no ins

Attempt at Falsification: If the middleman is the insurer, where defi has no insurer. This is the primary problem with trying to eradicate the state: the function of the state is the insurer of last resort, which is why it preserves the capacity of force as the last resort, and a monopoly over it: restitution.

The ambition to eliminate the rent-seekers (banks) is not the same as the ambition to eliminate the insurer (state). As such, I’ve held the same conviction that all we are doing with crypto is research and development for the state (treasury) and killing off the parasitic properties of the financial sector, and as a consequence their influence in the state.

Justificationary arguments are always false. (which is what the author is claiming, as do so many advocates. But testimony (science) requires enumerating and falsifying all competing theories. And the science suggests very clearly that we are just empowering the state. And that the state need only pursue institutional holders and users of the platforms to end the viability of the platforms. Even today the price is maintained by institutional holdings.

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