If I were a nefarious state actor, or another powerful entity with an interest in tearing crypto down as an industry, I would just facilitate the launch of mega-rug after mega-rug to suck all the liquidity out of the system along with any scraps of goodwill. And the industry would be pretty powerless to stop it.

I am not sure how $LIBRA or $TRUMP is a radical departure from how it has always been? Like they are just doing what everyone else does?

The Farcaster formerly known as Kchamp. Books, beats, bodybuilding, bright ideas and beautiful things.

katherinechampagne.com

It's more about the subject than the object in this case. They're doing what everyone else does but they're not everyone else.

Fun havoooooooor | Co-creator of the universe | FuckANiche.com | prev @forefront

I think logically and practically it's easier to vocally/righteously complain about people in government doing it than anyone else than even powerful people per se who can include rich private individuals and celebrities. Because they're supposed to be looking out for the people. It's a heightened form of applying "with great power comes great responsibility". So I don't necessarily think the backlash is logically inconsistent.

My takeaway is that everyone liked it when it was like, smaller and they had more power in the system. Now that there are actual powerful people getting involved and usurping them the low morality is suddenly a Problem.