Is There a Decentralized Finance?

Fractional reserve banks are not really decentralized finance. They don't have any of the alleged benefits of decentralized finance, in terms of the inforcibility of the contracts and transparency is what's actually happening on their books. The fact that they didn't break is not the same as saying they're useful. If something similar were to have happened in tradi even though you know, there woud have been like leonard last resort stuff going on to back stolp at all. It's highly likely tha credit markets would just have frozen. Whereas here it's kind of a free, i guess we saw a legitimately free market in credit creation.