The Decentralized Michael Milken

Everyone living in the 1980s knows the story of Michael Milken’s rise to become the “king of junk bonds” and his guilty plea and subsequent time in prison. However, what most do not realize is the real story behind the fall. A story that closely resembles the pioneers of decentralized finance (DeFi) working today.

Milken’s crime was far greater than any other person on Wall Street because he began unhorsing the old-line white-shoe establishment. — Edward Thorp

In 1987, Milken had the most considerable annual income in American history: $550…