Why I Hodl Armor, an investor’s Manifesto
A community-submitted thinkpiece about society, progress, trust and the game-changing coverage products of Armor.
Recently, our Community Manager Chris started an #ArmorKnights Grant program. Our community will have the opportunity to support the project by writing articles, making memes, doing support and much more.
#ArmorKnights are not limited to predefined categories, so it was great to see the following unsolicited Project Request come in from one of our great community members.
Project Request — “Why Armor” Testimonial: In a short blog post or tweet storm, a coverage user provides a testimonial about why they chose armor and what the products do for them. If possible, find other coverage users to contribute their own testimonials.
The user clearly indicates that though he doesn’t hold cover at the moment:
I consciously declare I myself am not a coverage user, but only an independent Armor investor and therefore don’t fully comply to the parameters given. I am well aware a grant would be in order only if the present material is of social or commercial benefit and respectively put to use.
He is one of the over 16,000 private $Armor token Hodlers and has invested funds and time in the protocol and its future. Below is his fascinating manifesto about the current DeFi, TradFi and crime/trust landscape and why he has faith in Armor’s role in it.
This is his story ad verbatim, only subtitles and division into paragraphs for clarity as well as our regular footer info were added by us.
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Why Armor: an Investor’s perspective
Every invention starts with inspiration. As Bitcoin’s invention wasn’t done in a day, so did the inspiration for it take a lot of time and a lot of bitter experience.
Surely that same experience that led to the creation of Bitcoin is the underlying passion that drew most of us into Decentralized Finance — the centuries old oppression by imagined authority, the manufacture of unnatural laws and legislation and unequal rights in the mockingly free market.
DeFi is set on providing real solutions to these problems that will ultimately lead to the next era in human civilization.
While all of us enjoy the freedom, flexibility and mind-blowing potential of decentralized blockchain technologies, we must never forget that increasing our income and the betterment of our standard of living is not manifested out of thin air — these are all the benefits regular members of society manage to restore for themselves and defend from the corrupt centralized structures of traditional finance.
When I invest in a DeFi crypto project, my primary concern is not how much I would be able to gain from it in terms of revenue, yield or pure speculative trading, but to what extend the project stays true to the cherished original spirit of innovative decentralization, because, in the long run, this is the prime source of value.
Enter Armor, The Game-changer
Armor caught my eye as a project that greatly contributed to the DeFi realm. Not so long ago coverage in the crypto sector was not an innovation at all, it was just the same well known mechanism used in traditional finance, but executed with cryptocurrency — more of an ugly compromise than a worthy idea.
Armor helped greatly for these same old coverage methods to be made truly DeFi compatible, removing their innate KYC element and granting them the flexibility and mutability intrinsic to crypto assets. Investing myself in making DeFi better was a natural thing to do.
But true value of any DeFi project comes from its devotion to the underlying virtues crypto represents.
I grew really passionate about Armor the moment I learned about its Team’s endeavor to revolutionize crypto coverage by introducing a new, truly decentralized method in the field — Reciprocally covered assets (RCA). Pondering what this method could lead to, I was enticed by awe before the magnitude of the consequences, it was nothing short of changing the game for DeFi!
Hacks and theft of crypto assets is a crime, and crime has always been a major problem of centralized civilization. Forbidding laws and threats of law enforcement violence never had any positive effect on crime rate.
I myself have felt the urge to violate the freedom of another many times, but the knowledge of the consequences from breaking a statute law never stopped me from committing the crime, nor did it lower my desire to do it.
If one is set to becoming a criminal, centralized jurisdiction cannot prevent that. What always stops me from violating the freedom of another is, in truth, the social repercussions I would be subjected to — the loss of trust towards my person.
Trust is the primordial fundament society and civilization is built upon. Lose the trust other members of society have given you and you deprive yourself from all products of humanity’s labor and ingenuity, you leave yourself without a future.
Society itself should be the living mechanism that solves the problem with crime, instead of law enforcement victimizing the criminal on their turn, just on the assumption a criminal is fallen from grace and won’t be missed.
Transcending Trust
I’ve come to realize that traditional ways of insurance and coverage in the fiat world are addressing precisely that — trust. Old methods of crypto coverage also address trust. But Armor’s method of Reciprocally Covered Assets do what has to be done and what’s worthy of DeFi — it transcends trust!
Reciprocally covering all of the assets in DeFi space, if it so happens, would lead to a next level of social evolution.
Instead supporting the old cycle of victimizing, chasing and punishing crime, a decentralized crypto community would discourage crime in a natural way — by majorly mitigating the consequences and the market reaction, but also exponentially increasing the resilience of all DeFi by stimulating different protocols and projects to help each other in becoming more secure.
In theory, this has the potential to fix a major societal drawback, effectively hugely lowering crime incentive for the first time in like… forever.
I have no doubts the whole DeFi sector will highly appreciate the method of Armor’s RCAs, for it not just step in some project’s evolution — it’s an unavoidable development in the lacking sector of true DeFi coverage and nothing short of a game changer. As an investor, I can’t be more bullish, realizing the fact RCAs may become what Ethereum is for DeFi.
If there were decentralized digital identities already,
mine would be mentioned here.
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Do you have a testimonial, thinkpiece or story to share as well?
Read more about and sign up for the #ArmorKnights community, grants and bounty program here on the forum!
About Armor Finance
Armor makes investing in DeFi as safe as possible with crypto-native, dynamic smart coverage aggregation. As a decentralized smart brokerage, Armor’s innovations provide on-demand, real-time coverage and non-custodial security solutions for user assets.
Armor’s focus is on building an ecosystem of interoperable protocols and products to secure and scale mass adoption of DeFi both with institutions and individuals.
With innovative products and programs, Armor is a leader in Defi Asset Security.
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