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https://archive.devcon.org/archive/watch/5/the-paradox-of-centralized-tools-doing-accounting-for-decentralized-financial
This talk is going to be about a paradox that has been prevalent since the early days of Cryptocurrencies. Cryptocurrencies were made to empower the individual, to be their own lender and to enable financial freedom without having to rely on centralized institutions. The paradox lies in the contradiction that when people want to do accounting or analytics for this new financial system they happily turn to centralized tools. This act enforces the status quo of financial being managed by centralized platforms and goes against the spirit of decentralization, undermining everything we are building.
The talk will present multiple examples of this paradox in the world around us, from the way people do analytics (Blockfolio e.t.c.), to the way they do levy accounting (Bitcoin levy e.t.c.). There will be some theorizing on why this is the case and underline why this is bad for the ecosystem and exceptionally dangerous for the people who utilize such services.
Finally potential services to this problem will be presented, showing how a tool that performs decentralized financial analytics, accounting and levy reporting should look like in order to respect user’s privacy and fit in this new era of decentralized financial we are now entering.
Speaker(s): Lefteris Karapetsas
Skill level:
Track: Society and Systems
Keywords: Beginner
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Devcon 5 was held in Osaka, Japan on Oct 8 – 11, 2019.
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