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This isn't just an "I told you so" article. Because I have been talking about fake ass defi forever. For instance, there is no way that any platform built on BSC or Solana can call itself defi. How exactly can you be decentralized on a centralized platform?
We now have news that random regulators (it doesn't matter who they are, and I'll tell you why later) are forcing new defi platforms to register. Doesn't matter what for. Why?
These regulators are trying their best to convince you they actually have the power to make crypto do stuff. The way they word things to scare you — insidious. They say "if your project isn't sufficiently decentralized, you must register."
Translation: "We can't do anything to properly decentralized projects, so we're only going to attack anyone stupid enough to centralize. But we're gonna word it like we're making the choice to leave properly decentralized projects alone."
They are trying so incredibly hard to make it seem like they are in charge. SO hard. We all know they're not, but the noobs don't. The noobs are still thinking that Blockfi and Celsius are actually safer than Pancakeswap or Uniswap, even though that's where Blockfi and Celsius go to get their yield.
The noobs will believe this shit. Even some of the fucking people who should know better believe this shit. OG noobs like Digital Asset News and CryptosRUs. The two kings of noobs right there. Fucking annoying ass OG noobs.
I am 95% true defi. As BINANCE takes it up the ass, I'm soon to become 99% defi. Keep this in mind, though. Although Binance is about to have KYC for its exchange functions now, keep in mind it still has a P2P. It remains to be seen if the P2P will be affected by all of the regulation nonsense. What most people don't know is that when Binance.US got fuckt by regulators, it only affected the exchange functions. All of the P2P functions, the swap function — everything else was untouched. If the P2P isn't touched, you'll still be able to move in and out of fiat with no problems. You just won't be able to use the exchange to do that, which is not really that big of a loss. The P2P function is actually better, and it always was. I'll let you know what I find out.
In any case, don't leave your shit on Binance. They are not to be trusted even if they are fighting regulation under the table. That doesn't mean they like you.
But anyway, true defi still can't be touched, and regulators know that. Don't let this news scare you. Let it encourage you to continue discovering the real crypto industry. The regulator that made this news doesn't matter, because no regulator can touch a truly decentralized project. Developers that want to be famous CEOs deserve what they get. Protocols like Olympus won't even blink at this, because they are truly defi.
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