Original title: "The rise and fall of crypto culture"
Author: Andre Cronje
Original compilation: 0x22D, 0x9F, Rhythm BlockBeats
Crypto is dead, long live Crypto.
I wish I was older. I wish I was old enough to witness the birth of monetary policy, and I wish I could have seen the mistakes they made. Because, we are repeating the same mistakes.
I often feel like a lot of what is being created in the Crypto space is being created by people who are learning about bonds, seigniorage, debt instruments in Wikipedia. They say to themselves: "I can do better than the people before me".
This kind of thing often happens when writing code. You find a new piece of code written by another organization or developer, and soon you’re looking for bugs, “This isn’t necessary”, “This could have been written better”, “Why did they write it like this? Meaning," and then "I can do better." So you redesign the code over the next few days, weeks, or even months, and then you hit the first wall and have to make some adjustments, followed by a second, third, etc. . In the end, your code looks almost exactly like theirs. When you finally understand why it is the way it is, you feel "oh yes, that's why".
The same is true for monetary policy. Money supply, issuance, debt, public debt, seigniorage, bonds, commodities, securities, and derivatives cannot be viewed in isolation. They exist for a reason. But Crypto is a whole new generation, the "we can do better" generation.
I have never been outspoken about my contempt for the crypto culture and my enthusiasm for the crypto spirit. It may sound strange, but the Crypto spirit is about concepts like self-sovereignty, self-custody, and self-empowerment, and the Crypto culture is about concepts like wealth, equity, getting rich, and ego.
Crypto culture kills the crypto spirit.
A professor once told me that "protocols are made for bad times, not good times." The same goes for regulation and legislation. They come at the worst time when you need them most, not during the good times with honeymoons and champagne.
I believe now more than ever that regulation is necessary, even necessary. Not as a preventive mechanism, but as a protective mechanism. It's like a child trying to stick their finger in an electrical outlet and you stop them before they can understand that they shouldn't be doing it. Someday they will understand, but not today.
Crypto is dead, long live Crypto.
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