While some Bitcoin maximalists are saying they "will die on this hill", ChainLinkGod.eth proposes on Twitter to replace "DeFi" by "on-chain finance":
“DeFi” is a poor term, should have been called “on-chain finance” Not every blockchain-based financial application is aiming for maximum trustlessness and decentralization Many are a hybridization, where components of varying levels of trust-minimization are composed together
What is the goal of Bitcoin?
According to Satoshi Nakamoto's whitepaper, Bitcoin is "A Peer-to-Peer Electronic Cash System", which "would allow online payments to be sent directly from one party to another without going through a financial institution".
That's all of it. All the rest is academic. Is it a digital version of gold? That's an assumption. The key point is that it was created by one or several persons anonymously to allow online payments without going through financial institution, and it works. Whatever we can say, Bitcoin is censorship-resistant.
What is the goal of Ethereum?
According to the whitepaper: "With Ethereum, we intend to build an alternative framework that provides even larger gains in ease of development as well as even stronger light client properties, while at the same time allowing applications to share an economic environment and blockchain security."
The first ambiguity is in the title: Who is "we"?... Vitalik, Vitalik and cofounders, Ethereum foundation? Ethereum is a kind of enterprise. Far away from Satoshi Nakamoto's dream. Ethereum foundation has become a financial institution, whereas the goal of Bitcoin was to avoid any financial institution.
What are the goals of the other altcoins?
Most of the other altcoins are also enterprise-oriented. They were mostly created by companies who made ICOs (Introduction Coin Offerings) like their predecessors made IPOs (Introduction Public Offerings) previously. For them, Crypto is just a new kind of funding. What ChainLinkGod.Eth said about DeFi says a lot about what most of the altcoiners think about Satoshi's dream. In summary, they are progressively dropping the decentralization goal.
What does it mean for the future?
If Satoshi's dream comes true, BTC will become the digital gold. If Ethereum strategy works, ETH will become an amplified NASDAQ Composite Index. Therefore, traders will have the possibility to switch from one to the other, depending on the market cycles. That's why accumulating makes sense for BTC, ETH or other altcoins - e.g., BNB or MATIC, like it makes sense to buy gold in order to protect from crisis or stock shares to profit from the growth.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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