I think the true power of the blockchain will only show itself when this happens. Only then unbanked people will have the same chances as everyone else.
I tend to be a bit pessimistic on this one. I think there may always be CEX… and that will not change until TradFi finds their way into the DeFi space. In order to move that much power and money into DEX there would need to be a significant ideological and systemic change on mass the likes the world has never seen. Not to say it can’t happen, but there is a lot of weight to carry to get there. Until there is a value proposition for politicians and current financial silos CEX will stick around. I hope I’m wrong.
In the near feature I don’t see something like that happening nor in the future. While I do agree with what you are saying it’ll still be a method people will resort to by using CEX. People are comfortable and used to having a middle man system. Significant changes would have to be made to change and have people adapt to the system. Maybe 50-100 years we can see something like that happen.
The metaverse play will onboard this ideology, it’s already happening. Keep in mind, the CEX is the bridge that will onboard everyday individuals from the current banking system into deFi. I’d give it 10 maybe 20 years before the current financial System builds a-path for their clients to convert to deFi.
I dont think it will happen, just as horses didnt just went extinct once car was invented.
First the technology and applications will need to prove itself at scale, able to handle large amounts of transaction, at high speed, with low cost. This may happen faster than you think but the acceptance by everyone may take the longest time. Most people don’t like change so a generation or two may have to pass before the CEX is no more.
I think it’s necessary a long walk, years will be past to change the people mind.
We need to educate the mid and the older generations. Most people i know haven’t a clue about block chain
What are you currently using a CEX for?
I used cex to enter the blockchain world a few years ago and now I should reuse it if I decide to use crypto to buy a car, a house, or simply to do the shopping …
If enough people learn the usefulness and importance of decentralization the legacy system will eventually be deemed useless but the question is, will they find a way to get their tentacles around our industry? They will certainly do everything in their power to maintain control so what it comes down to in my view will be, how many people will stand in defiance and demand decentralization, and how strong of a will do we all have to resist?
In fact none at all.
I believe the key thing is to have a good entry point for FIAT currency to buy a stablecoin like dUSD , DJED or others, and not being forced to go through a CEX to buy some crypto. This will be the game changer.
The first stock exchange was established at 1602 in Amsterdam, officially signalling the beginning of the Capitalism era! I don’t know what was/will be the event to signal the Decentralized era, but I think we need at least half a century to fulfil your dream!
Straight answer never…
hopefully sooner rather than later first we have to put our government in check they are allowed to invest in stock market illegally insider trading yet the average joe cant invest in a startups. how do you onramp w/o cex?
When fiat becomes obsolete. When we start trading physical goods with digital assets. There’s going to be a generation when you will transact with out paper work. I want to see it.