📺 SotN #32: Does DeFi Fix This? Cameron & Tyler Winklevoss
Inside the episode
- Robinhood Retail vs. Institutional Elite
- Media & The Establishment
- Is Traditional Finance Broken?
- DeFi's Big Moment
- Gemini Updates
Cameron & Tyler Winklevoss had a heated appearance on CNBC last week to discuss the events of the Gamestop Short-Squeeze in the context of populism, the inequity of the current financial establishment, and cryptocurrency.
Their argument centers on the relationship between censorship and centralization –problems that don't exist in the crypto landscape. The $GME craze has been the epicenter of a growing protest against the institutional elite – this protest inherently calls for decentralization and distributed power. DeFi fixes this.
Brokerages like Robinhood having the power to limit trading based on a phone call is a war cry to adopt permissionless transacting. Cameron describes how this is an example of the people becoming disillusioned to the monopoly of modern money. The media establishment has vastly underestimated and vilified these "internet amateurs."
The Winklevi discuss how a money-making opportunity turned into a movement demanding institutional change, flaming the fires of broken trust after events like the '08 collapse. Public forums like Twitter and Reddit have become powerful tools to organize the masses, and the sentiments seen here reflect cryptocurrency's value propositions.
The big question remaining is how these events and arguments can serve as a rallying point for DeFi adoption. Cameron & Tyler are optimistic about DeFi's solutions to increasingly relevant and urgent problems in our current system.