I listened to an episode of 'Bankless' today. There is an interesting development, a court of England and Wales had ordered Oasis, a UK company, that acts as a front end for the more decentralized MakerDAO to change a smart contract to attempt to steal back 120,000 ETH that was stolen from Jump Crypto in the Wormhole Bridge hack of February 2022. It successfully reclaimed the funds, but set an interesting precedent.

The hosts of Bankless asked an obvious question, how could a decentralized smart contract just confiscate funds due to being court ordered? Well, the smart contract was upgradable. (Non-immutable.) According to Chris Blec, someone who isn't the Crypto industry's favorite person, (for reasons of talking about how centralized the industry actually is) this is quite the norm.

What surprised me is the Bankless guests said something to the effect of "If you are really decentralized, you can't be regulated anyway. If you are really centralized, you can't avoid being regulated anyway."

Wow! I actually agree with that!

However, the next story they were complaining about Gary Gensler coming after them even though they are decentralized. And then I realized, they actually think MOST of defi is decentralized. And they think MOST of crypto is decentralized.

Painful.

(Also when the Crypto industry collapsed and all their sponsors went under, losing all their customers money, they cried ON AIR with A NEXO AD AT THE BOTTOM ADVERTISING YIELD.)

Crypto is a cesspool.