Why do some non-crypto folks hate crypto so much? An idea I've been thinking about: Martin Luther circa 1500s come to mind w.r.t. Christianity, specifically Catholicism. We've all been lead to believe that money can only be created and ordained by the Nation State, but in fact, there is perhaps another possibility.

creating and destroying; built flying cars & autonomous vehicles, now building roc.camera, writings: july.rocks

Disintermediation from the state is broadly appealing. Now, philosophically, it could seem like that fear is driving the hatred of crypto. I like the arg, but believe the hatred stems from its complexity, difficulty, and the inherent suspicion of all financial innovation, which, tbt, has not been equitably beneficial.

poet-lawyer making meanings sans the mean

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Per this thread, the argument is not just fear driving the hatred of crypto, but also the the threat of destruction of our identity tied to fiat that’s driving hatre

Sry meant this cast:

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Don't disagree. Crypto has tended to be opaque, in the past 2~3 years, (also the ICOs of 16-17 were mostly fraud) Yet it seems to be  more than that - nation states slowly becoming concerned that the global reserve currency isn't something that they have a lot of control in - complexity alone is not an explanation

Their frustration is w/ the complexity associated with  understanding and using this speculative monetary asset. &You can't blame them. It's cryptic. People hate crypto because they're locked out of a money club, where some may be (sometimes) making money and (sometimes) committing fraud and never rly explaining how.

I don't disagree with this, but fundamentally I'd argue this is more of a recent development - as part of a larger whole. Historically at least during the 2013 and 2017 bull market, not a lot of centralized incumbents made a lot of money - it was fringe players who believed in a new kind of monetary system all together

The second assumption is that people view crypto as undermining that monetary value system. That's not true either. They see many established, incumbent players enriching themselves and centralized institutions making money off of crypto. People view crypto as another speculative asset class for monetary value.

Agreed - ppl believe in valuable commodities + monetary value - in order to trade in those commodities and everything else with value, we collectively need a global reserve currency to assign value with. that's where state issue currency comes in. belief in a reserve currency is belief in that system it perpetuates

This argument relies on two assumptions. First, that the belief in money is not a general belief in value and tied to state-issued money. That's not necessarily true. People believe in valuable commodities, like gold, which are not issued by the sate, as much, if not more, than money. People believe monetary value.