Watching DeFi Slowly DAI

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In this video, I discuss another example of why DeFi (Decentralized Finance) is "decentralized in name only" (DINO).

MakerDAO and DAI began as a clever idea for an algorithmic stablecoin, but they have become increasingly captured both by insiders, as well as by regulated institutions like Circle and Coinbase.

As more and more of the collateral behind DAI is regulated, centralized stablecoins like USDC, it becomes increasingly easy to freeze the underlying collateral and cause liquidations across DeFi Land.

What's even more laughable is that some of this USDC collateral is now being parked at Coinbase, thus adding in another regulated actor that can mess with DAI's collateral.

There's only one credible neutral foundation for Decentralized Finance, and that is Bitcoin.

Not investment advice! Consult a financial advisor.

DAI collateral pie charts:
https://daistats.com/#/overview

Circle can freeze USDC at any time:
https://beincrypto.com/circle-pledges...
https://www.coindesk.com/markets/2020...

MakerDAO Votes to Custody $1.6 Billion in USDC With Coinbase:
https://decrypt.co/112808/makerdao-cu...

Coinbase blog post:
https://www.coinbase.com/blog/coinbas...

Ethereum validators are actively censoring addresses and transactions:
https://www.mevwatch.info/

OFAC:
https://home.treasury.gov/policy-issu...

MakerDAO not very good at negotiating yield:
https://twitter.com/MakerDAO/status/1...

MakerDAO's decentralization theater:
https://www.coindesk.com/tech/2021/07...
https://blog.makerdao.com/makerdao-ha...

VC's also control MakerDAO:
https://medium.com/@MakerDAO/a16z-cry...

Chaos at MakerDAO:
https://decrypt.co/113118/makerdao-sp...
https://twitter.com/hasufl/status/158...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#defi
#makerdao
#bitcoin

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