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
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.
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July
@july
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
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mark mollé
@marmo
I do agree with this point — nation states, especially during this last cycle, especially, and this did not really get reported, post-de-swifting and tornado cash, are becoming quite concerned about decentralized currencies as increasingly a threat to the centralized global reserve currency system.
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