Too Long; Didn't Read
In the wake of the 2008 economic meltdown, a lot of people asked one basic question; is traditional finance inherently flawed? The crisis had exposed, yet again, that traditional finance was somewhat like a carefully constructed house of cards glued together by nothing but the assurances of dodgy bankers and their partners. At the time, there was no feasible alternative to traditional finance. Bitcoin, and crypto really, was envisaged as a killer of central banks and traditional finance in general. People who favour centralized DeFi argue that this lack of regulation is why TradFi, despite having so many inherent flaws, is better than DeFi.