@ntnsndr 5. I shouldn't have really said "banking system - the good parts" in my previous post, as it's misleading and suggests that decentralized exchange is something the banking system has, which is untrue. There is no decentralized exchange in the banking system, so those parts of defi are a brand new way to do something that was previously done in a very crappy way. So, yes, that part is a "reinvention", but it a very much needed one, and not representative of "the banking system", because exchange in the banking system is, well, completely different. How is it different? Let me list the ways:

- KYC required
- Monday through Friday required
- 9:30 AM to 4:00 PM in a specific timezone required
- Very strict / difficult rules for getting listed in the first place
- Secret societies with special privileges who get to trade before anyone else

This renders it close to unusable. It should really disappear. This isn't how exchange of assets should be done. It's horrible.

This isn't to say that some of defi is not without its warts - most specifically there are scams in defi just as there are scams in "the banking system", but getting rid of scams is unfortunately seemingly not possible without destroying several other desirable properties of decentralized exchange.