0xSHUN
@0xshun
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This was a perverse distortion of incentives, and a key reason @GaryGensler must never be christened as a hero, even among crypto skeptics. Everything that happened in crypto was in part a response, part compliance part rebellion, to these pressures.
Over the last year, we have been entering a new order. Now, the most powerful people in the world are cheering on the idea of anyone creating tokens for anything, at any scale.
And so now is the time to talk about the difference between sugar-high short-term fun that is unwise to recommend to newbies, and long-term fulfillment and wealth-building. It is not about "fun is bad", it is about the equivalent of modern hyperaddictive cellphone games, versus chess or World of Warcraft.
Now is the time to talk about how large-scale political coins cross a further line: they are not just sources of fun, whose harm is contained to mistakes made by voluntary participants, they are vehicles for unlimited political bribery, including from foreign nation states.
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Reposting a note comparing some aspects of the current crypto space to weed that I made on the other app:
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Ten years ago, to many weed represented freedom, and rebellion against sclerotic old order that denied self-sovereignty over our bodies. Then, weed became legalized, and "official".
On that day, I remember my personal interest in weed dropping by > 2x overnight.
And since then, public discourse is moving toward a balanced view of weed: it is much less harmful than alcohol and smoking, and has valuable medical uses, but it is also far from harmless, especially in its modern corporate hyper-optimized versions.
Crypto finance is similar. In the old order, @GaryGensler created a regime where tokens that give investors clear indication of what their rights are and where their revenue comes from is a "security", but obfuscated "governance tokens" are potentially in the clear.
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One meta belief I have, is that I think "on the face pursuing idealistic objective A, but actually being tilted toward selfish objective B" is better than "openly pursuing objective B".
Many seem to believe the opposite, typically saying something like "at least the latter is honest".
I feel like what this misses, is that maintaining the face of pursuing idealistic objective A, and using A to coordinate a large coalition, is a pretty big speed bump against attempts to pursue B too brazenly. When "the mask comes off", things actually become much worse, and strategies that pursue B at high costs to other values (including A, and also often general human decency) become unlocked.
Are there any good arguments against this intuition I have? (Whether generalized, or about specific situations) 49 replies
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