July
@july
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.
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mark mollé
@marmo
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.
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July
@july
farcaster://casts/0x6f1b2fd8932745486529e2ae7aa1bcbaac570b4f98d52dd0b664cf5b626169f2/0x30d89c2af60de4c16e57343a536bb147220228b06eeb34c087e8e57d97c6a6f5 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
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July
@july
Sry meant this cast: farcaster://casts/0x134f363421b09c42596846b522d309520d39b054aff969fed0ab8f5f18edcd99/0x30d89c2af60de4c16e57343a536bb147220228b06eeb34c087e8e57d97c6a6f5
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mark mollé
@marmo
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.
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July
@july
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
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