Web3 provides distributed consensus that enforces the immutability of a virtual machine protocol.
This is a new feature set that was not available before. In practice it has enabled the emergence of a core set of highly reputable DeFi apps - MakerDAO, Compound, Aave and Uniswap - that have managed billions of dollars worth of digital assets and not malfunctioned in the recent market crash, while several centralized lenders and investment funds did.
>>and then when they get pressed by regulators they admit it's fake again.
This has never happened AFAIK. The opposite - of projects taking the credible position that they don't control the protocol because it is autonomous and immutable - has happened, as in the case of Uniswap Labs vis-a-vis the Uniswap protocol.
For decentralized/genuine DeFi apps, like MakerDAO, Compound, Aave and Uniswap, as opposed to centralized ones like Ripple, I don't expect this position to ever be challenged by regulatory agencies, because in reality, these protocols cannot be shut down or changed by any party.
This is a new feature set that was not available before. In practice it has enabled the emergence of a core set of highly reputable DeFi apps - MakerDAO, Compound, Aave and Uniswap - that have managed billions of dollars worth of digital assets and not malfunctioned in the recent market crash, while several centralized lenders and investment funds did.
>>and then when they get pressed by regulators they admit it's fake again.
This has never happened AFAIK. The opposite - of projects taking the credible position that they don't control the protocol because it is autonomous and immutable - has happened, as in the case of Uniswap Labs vis-a-vis the Uniswap protocol.
For decentralized/genuine DeFi apps, like MakerDAO, Compound, Aave and Uniswap, as opposed to centralized ones like Ripple, I don't expect this position to ever be challenged by regulatory agencies, because in reality, these protocols cannot be shut down or changed by any party.