{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Episode 022 - James Bianco, President & Founder; Bianco Research, Chicago; DeFi \u2013 Decentralized Finance","description":"Episode Introduction: Welcome back everyone.  I am really excited about today\u00b4s program because we are going to do a deep-dive and explore DeFi \u2013 Decentralized Finance, a topic you hear much about but may have little insights into what this frontier technology is all about and what its true impact will be on the future of global finance. To help me do this I have the pleasure of welcoming to the show Jim Bianco who is the President and Founder of Bianco Research, LLC in Chicago.  Jim is someone I consider a visionary thought leader on the DeFi sector.   Jim, thank you so much for making the time to be on the podcast today\u2026 So, before we dig into the meat of what DeFi is really all about, I thought it would be useful if you could tell us a bit about your background and about your journey, more broadly, that ultimately led to take a bullish stance toward DeFi.  Mainly because you have this traditional Wall Street, I-bank research background.  Tell us how the long-time, traditional finance guy goes actively pro-DeFi\u2026 Topic Areas to be covered After introduction and you provide your background, I\u00b4d like to get into the following\u2026 In prior commentary, you stated you came to the realization that DeFi is a `brand new financial system.\u00b4  Expand on this revelation and what drew you to this conclusion. You have previously stated, Existing financial system is slow, cumbersome, has way too many permissions required,  \u00b4I basically have to beg my broker to do stuff\u00b4, it\u00b4s a series of toll booths\u00b4 \u00b4Current system is in trouble.  Many in financial world don\u00b4t get it and they don\u00b4t want to get it.\u00b4 \u00b4You are going to look like a bunch of taxi drivers in a ride-sharing world.\u00b4 I tell people about DeFi;  \u00b4It will come here and completely flatten you.\u00b4         Jim:  DeFi is also about fairness\u2026You and I don\u00b4t get the Warren Buffet deals.  With DeFi we get exactly the same deal Jim discusses \u00b4qualified investors\u00b4 if you have over $1M net worth, `what an insult\u00b4 You\u00b4ve previously segmented your clientele in two broad categories, \u00b4Young and Old\u00b4 discuss what you mean by this with respect to understanding the impact of DeFi. Why does Warrant Buffet call crypto rat poison squared? Regulatory issues:  Impact of central bank\u00b4s own digital currencies\u2026expand on what you see going on here and why it\u00b4s not really DeFi\u2026 Jim:  \u00b4A CBDC, if done correctly, presents a financial threat to the existing financial system\u00b4\u2026and in the end, they won\u00b4t do that b\/c it bypasses the current banking system all together Jim:  \u00b4It\u00b4s not about technology or whether we have the design right \u2013 it\u00b4s about policy \u2013 how much do we want to disrupt the current banking system?\u00b4 Regulation:  Problems regulators have, they don\u00b4t understand what\u00b4s going on in the DeFi industry\u2026\u00b4It\u00b4s a Cambrian explosion of ideas End of the day, I don\u00b4t know what regulators can do except regulate the \u00b4On-and-Off Ramps\u00b4 (Uniswap, Kracken, etc.)  i.e. \u2013 how do I get dollars to crypto and crypto back to dollars To the Regulators, \u00b4what are you trying to do?\u00b4   I see where we are going and it\u00b4s exciting and an explosion of ideas\u2026 Closing Remarks James, what is a good way for those seeking additional information about Bianco Research to get in touch?  Website \u2013 www.biancoresearch.com Thank you for joining me for this edition of DVC.  I hope you found our discussion today with Jim Bianco interesting and it gave you better insights into what DeFi is really all about and what it means for the future of finance globally.  I look forward to joining you on my next edition of DVC.  Thank You\u2026 ","author_name":"Distilling Venture Capital","author_url":"https:\/\/markwking.libsyn.com","html":"