Venkatesh Rao ☀️ pfp
Venkatesh Rao ☀️
@vgr
Tough question to all of you: What do you suspect the strongest critics of crypto are likely *right* about? One of the things I think badly hurt innovation culture in Silicon Valley that I would not like to see a rerun of is absolute refusal to give any quarter to critics
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mk pfp
mk
@mk
The irreversibility of txns. People are used to settlement periods and legal recourse, and their security behavior reflects it. I believe this problem will be solved with the same tech, however. But it’s a wart atm.
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9 reactions
Cameron Armstrong pfp
Cameron Armstrong
@cameron
The biggest critique that I think is right is basically "nobody gives a shit about crypto". It's true. The only thing they care about is if it's a better value than what they can already do without doing any extra work to experience it.
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Sebastian Bolaños pfp
Sebastian Bolaños
@nixified.eth
Another big criticism that is not mentioned often. IT IS PUBLIC. Everything you do on chain is public and PERMANENT. Toss in data leaks from all the IRS services and lets see how much the police force will defend you from foreign extortionist/mafia online.
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6 reactions
Jithin Raj pfp
Jithin Raj
@jithinraj
That “the state would always want to control and regulate money”
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Simon de la Rouviere pfp
Simon de la Rouviere
@simondlr
The aversion to overt degen-ness and speculation is correct. Speculation/financialization in the wrong domains deteriorates certain relationships. Pricing something crowds out other incentives/intentions.
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Bucky pfp
Bucky
@buchmanster
Not everything should be tokenized. Store of value isn’t the be all end all of money. You can’t avoid needing to trust people.
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Vinny pfp
Vinny
@vinny
That DAOs aren’t a good form of governance, especially corporate governance.
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phil pfp
phil
@phil
The current composability that is being touted as a benefit today will become tomorrow’s privacy nightmare
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foxwizard pfp
foxwizard
@foxwizard
That there is a toxic tech bro culture culture that pervades most of crypto. We on the inside know that there are genuine pockets and vistas of wholesomeness. But the critics and casual observers remain mostly right.
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Daniel pfp
Daniel
@dmg
Piling more hyper-financialization, payment/investment infrastructure and game theoretical incentive schemes on top of neo-liberalism will not solve any social problems or lead to more “freedom”. (Analogous to the Soviet Union believing its problem was not being communist enough)
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Sebastian Bolaños pfp
Sebastian Bolaños
@nixified.eth
The critics that are strongest and right are: The only value is speculation, which includes: hyperinflation speculation and trading speculation. The only way I see out of the above criticism is providing usage from having widespread public key infrastructure, not that people should care.. Maybe ZK camera apps might...
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Agost Biro pfp
Agost Biro
@agostbiro
It’s not going to replace tradfi
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Demosthenes.eth pfp
Demosthenes.eth
@demosthenes
Lack of good-faith disclosures around project teams, their allocations, and the risks involved. Also rehypothecation is going to be a big problem eventually. It's going to make the stETH/ETH depeg and subsequent liquidation risks on Aave last year look like child's play.
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fabián🎩 pfp
fabián🎩
@fabianx
Focusing on how things work instead of how they’re useful.
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dudebro [🔵,🎩] pfp
dudebro [🔵,🎩]
@dudebro
Too many scams
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Maxorgel pfp
Maxorgel
@maxo
The downside of financialisation. Markets are very helpful, but our institutions and societies haven’t evolved for that level of transactionalism.
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shazow pfp
shazow
@shazow.eth
I guess depends on the critic. Who are some of the strongest critics in your mind? "There are a lot of scams" is certainly true.
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krrishd pfp
krrishd
@krrishd
unregistered securities are the killer app
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Vinny pfp
Vinny
@vinny
That one large-scale phishing scandal or private key compromise will set us back in the public eye. Also I think the public and permanent nature of blockchains is scary for a lot of people too, esp. in the social media context.
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