Right now any crypto profit has to be sent to a centralized Dex and from there into a Regular Bank for those profits to be spendable . For crypto and DeFi to be truly decentralized we need to create a DeBank :
For example : @daniele and @Sifu can come up with a mechanism that allows us to spend our stable coin like MIM , directly from a wallet (like Metamask ) or an app , paying for things in a p2p fashion or spend it with a QR code at merchants and various entities , WITHOUT needing to send that money to a DEX and then via Fiat into a regular bank .
We need a De Centralized Personal Banking for Crypto to
become revolutionary ( as per the vision stated by Deniele Sesta ) .
Go Frogs !
It more a matter of institutions accepting payment then us sending the money.
Not as easy as you make it sound.
Thank you for your reply.
I know that is not easy, but we have to start from some were and get the idea in our head and at least think about the possibilities .
Abracadabra finance is already the central bank for the ecosystem just not wonderland branded. If wonderland were to make direct bank like hector dao I wouldn’t be upset though.
I was not speaking of a Central Bank , but regular bank for the people .
There are already ways to send your money to an exchange and use their visa/mastercard as fiat money. I’m not sure why the team would want to spend resources and time to recreate the wheel. Down the road when crypto is more universally embraced I’m sure somebody will come up with something. We don’t need to do everything for ourselves if somebody has a good product already use it and let them have the headaches of keeping it working.
Financial institutions have laws. then all of the sudden every government will want a piece claiming its “Their peice” adding fees and shit for “regulation” governments control the banks that do business in the countries. Just like federal government wont let a FDIC bank do business with a weed company without losing its FDIC insurance you cant bet the US government wont allow any business to even try to accept bank transactions from a decentraliezed bank that they dont control in some way. and just like weed laws the rest of the world will follow america’s example because no one wants to get bombed because of some no name people they cant tax. THEY WILL PUT DANI IN HAND CUFFS LIKE THEY DID THE SILK ROAD PEOPLE IF WE MAKE A “bank” claiming hes stolen money from the world governments
if you watch the senate hearings, the US government is TERRIFIED of this movement. Elizabeth Warren is OUT FOR BLOOD about crypto because the US cant control every little thing about it and everyone else’s money. and shes only a democrat. once the republicans get a hold of a company or financial institution like a bank they will try to extradite and destroy if there is money they arent getting and they think theres a vague way in their own laws for them to justify doing their worst and locking up DANi for the rest of his life to make an example of him
I mean this is the US government were talking about. They tell weed growers they need to register their store and farm location to teh state government for “permits” and they give that info sttraight to the DEA and have them radi and destroy these business owners entire lives; hulling them and their employees in for “federal crimes” sentencing them to decades in jail even though state law is supposed to protect them. even if you get the best lawyers and are in the right you end up with a destroyed business, shattered windows and doors, beaten by swat teams, no bank wants to even fuck with you personally, and you owe half a million in legal fees…oh and your name in the paper and FELONY DRUG CHARGES on your record so you cant get a regular job. if we make a bank or any type of institution the US government has laws on THEY WILL TRY TO OWN US OR THEY WILL DESTROY US and will throw our leader in jail for life. this is America were talking about… they even get a piece of paypal
Thank you @Thegreasemachine for your detailed and informative reply, god bless and Happy Holidays .
@frankn it would be amazing. And I really wish the world didn’t suck like this but that’s why we had to go decentralized with everything because if the US could they’d shut the servers down for a whole country just out of spite a few people skirting their system