# DeFi stood where CeFi failed — and will get very strong

- **Speaker:** Greg Osuri
- **Attribution:** attributed
- **Said:** 2022-08-04
- **Theme:** Crypto & DePIN — https://www.gregosuri.com/predictions/crypto-depin/
- **Source:** Akask Weekly - Aug 3rd 2022 (Akash Network)
- **Watch at:** 00:37:11 — https://www.youtube.com/watch?v=ZJsBvlHOIb4&t=2231s
- **Canonical:** https://www.gregosuri.com/predictions/crypto-depin/2022-08-04-defi-stood-where-cefi-failed-and-will-get-very-str-jflt/
- **Cite as:** Greg Osuri, "DeFi stood where CeFi failed — and will get very strong," Akask Weekly - Aug 3rd 2022 (Akash Network), 4 Aug 2022, 00:37:11. https://www.youtube.com/watch?v=ZJsBvlHOIb4&t=2231s

## Quote — verbatim

> This is a classic example of a closed source system failing over open source system... Voyagers and the Celsiuses are essentially banks — they took the deposits and invested in heavily risky assets with leverage... people are going to realize the importance of open source systems and the importance of DeFi. I think DeFi is going to get very, very strong... I'm super bullish... DeFi withstood without regulation... we need regulation to protect people from these quasi-banks and not from DeFi.

## Context — site annotation, not spoken

Panel on the Celsius/Voyager/3AC collapse; earlier he notes bankrupt CeFi firms had to repay DeFi loans first to unlock collateral.