BREAKDOWN: Is the Decentralization in DeFi an ‘Illusion’?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 December 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
A look at the recent report from the Bank for International Settlements.
This episode is sponsored by NYDIG.
Today’s episode of “The Breakdown” is a grab bag of news stories from the past several days. NLW covers:
- The Bank for International Settlements report “DeFi Risk and the Decentralization Illusion”
- Regulatory updates from the Biden administration, Japan, the U.K. and India
- Institutions leading the selling last week
- OpenSea appears headed for IPO
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:22.7 | What's going on, guys? It is Tuesday, December 7th, and today we are doing something of a |
| 0:27.4 | grab bag episode. There is a bunch of stories that I think are interesting, but maybe |
| 0:31.4 | nothing that I want to dig in on a full episode with. And so we're going to catch up on a bunch |
| 0:36.0 | of different news. First of all, if you listen to |
| 0:38.9 | my show why Bitcoin crashed yesterday, you should know that Bitcoin is back in the low 50,000s, |
| 0:44.2 | although lull as though you wouldn't already know the price. Now, what I think that this means is |
| 0:48.7 | not really anything, except that it suggests that many agree with the perspective that I shared |
| 0:53.6 | yesterday, that nothing fundamental had changed, except that there was that many agree with the perspective that I shared yesterday, that |
| 0:54.6 | nothing fundamental had changed except that there was a little less leverage in the system |
| 0:58.8 | after this weekend washout. I will note that some hearts are conceding that were unlikely |
| 1:04.5 | to see 100K Bitcoin this year, but personally I sort of don't mind. Not because I don't want it, |
| 1:10.0 | obviously, but because I think that this |
| 1:12.0 | sort of rise, pullback, rise, pullback versus the extreme parabolic rips that we've seen in the past |
| 1:18.6 | is just a little bit healthier. I think it's going to help us break out of this mindset that the next |
| 1:23.5 | bull run will look exactly like the last one. And net net, I think that's good for the |
| 1:27.5 | space. But let's get into our first topic, which is the Bank for International Settlements |
| 1:32.3 | coming out for Defy. So the BIS released a report yesterday called Defy Risks and the |
| 1:37.6 | Decentralization Illusion. Here's the summary. Decentralized finance, Defy is touted as a new |
| 1:43.3 | form of intermediation in crypto markets. |
... |
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