Crypto has plenty of detractors, but it is those who were once inside the tent that attract the most interest - and ire.
That's the upshot of a recent Financial Times Magazine piece that interviewed several early crypto superfans who have since become disillusioned with the sector.
The FT spoke with an unnamed figure dubbed "Neil," who in 2014, fresh out of college, joined Coinbase, then an obscure crypto startup. Neil, a computer science student, was first attracted to the idea of virtual money as a neat programming problem to solve.
But he quickly became swept up in the revolutionary ethos of the early crypto scene, which promised to take on the bad, old financial system and replace it with something better.
That spirit still lives on in some of today's most vocal crypto proponents. Take, for instance, Twitter's Jack Dorsey, who at a conference in July said the ultimate ambition of bitcoin is that it "creates world peace."
Shape Up Your Future 16th & 17th September 2021
Or take Michael Saylor of MicroStrategy, which owns more than $5 billion in bitcoin. At the Miami bitcoin conference in June now famous for the announcement El Salvador would officially adopt bitcoin, Saylor called the cryptocurrency "the apex property of the human race," saying it "fixes everything."
In 2014, that degree of crypto hype was less mainstream. Yet for Neil, the relative obscurity of crypto brought a certain coolness, a feeling of operating from the underground.
"I think nerdy types like me got fooled because bitcoin made us feel cool, like a Revenge of the Nerds type thing, so we were incentivized to not ask ourselves hard questions," Neil told the FT. "And then, the non-technical people got fooled because they didn't understand the technology."
Chris DeRose, a computer consultant-turned-bitcoin evangelist, was likewise enchanted by early crypto culture. In 2013, he quit his job to become a crypto podcaster, telling the FT that he loved the culture of open discourse that fueled the bitcoin and crypto communities then.
But as crypto rose to greater mainstream recognition, DeRose saw debate give way to dogma and uncritical hype.
"If you look online at 'what is bitcoin,' what you'll see is a gigantic amount of literature and decontextualized media snippets that paint a beautiful picture," DeRose told the FT.
"However, if you look at bitcoin off the screen, what you'll see is declining merchant uptake, zero evidence of blockchain deployment or efficiency, and mostly just a lot of promotional events offering cures to whatever ails you," he added.
But perhaps the most high-profile display of a crypto backer turning on the space has to be Jackson Palmer, the dogecoin creator who in July tore into the crypto space in a Twitter thread.
In the thread, Palmer called crypto an "inherently right-wing, hyper-capitalistic technology" that uses a "network of shady business connections" to "extract new money from the financially desperate and naive." He compared it to a cult and a get-rich-quick scheme, and said he was leaving the space.
Still, despite these detractors, in many ways the crypto enthusiasts have won. Each passing day sees more and more big-ticket companies making inroads in crypto, shrugging off scams, hacks, and sharp volatility.
Billionaire investor Leon Cooperman, who is 78, summed up the zeitgeist earlier this week in an interview.
"I say that if you don't understand bitcoin, it means you're old."
Originally posted here:
- NBC Has a Huge Opportunity with Law & Order: SVU's 25th Season - CBR - Comic Book Resources - November 30th, 2023 [November 30th, 2023]
- Seeding a gay community in LA, the gay liberation revolution - Los Angeles Blade - November 30th, 2023 [November 30th, 2023]
- Britney Spears's 'Baby One More Time' music video debuted on ... - Yahoo Entertainment - November 30th, 2023 [November 30th, 2023]
- 13 Of The Greatest And Most Famous Britpop Bands - Hello Music Theory - November 30th, 2023 [November 30th, 2023]
- The top advertising campaigns of 2023 according to Australian ... - AdNews - November 30th, 2023 [November 30th, 2023]
- The 25 Best New Movies Streaming in November 2023 - TheWrap - November 30th, 2023 [November 30th, 2023]
- Jets' Aaron Rodgers 'attacking' rehab, eyes return this season - WABC-TV - October 3rd, 2023 [October 3rd, 2023]
- ESG counteroffensive is missing big guns - POLITICO - POLITICO - October 3rd, 2023 [October 3rd, 2023]
- The increasingly radical climate movement, explained - Vox.com - October 3rd, 2023 [October 3rd, 2023]
- Imani Winds inspires with recital celebrating composers of color at ... - EarRelevant - October 3rd, 2023 [October 3rd, 2023]
- The Super Models Tells the Story of the Original Fashion Influencers - AnOther Magazine - October 3rd, 2023 [October 3rd, 2023]
- What constitutes a master? Don't ask Jann Wenner The Daily ... - Daily Free Press - October 3rd, 2023 [October 3rd, 2023]
- The Conviviality of Ivan Illich (Part I) | by O.G. Rose | Oct, 2023 ... - Medium - October 3rd, 2023 [October 3rd, 2023]
- SickKids unveils more future-focused VS campaign to match new ... - The Message - October 3rd, 2023 [October 3rd, 2023]
- Top 6 Iconic Classic Rock Bands of the '60s - American Songwriter - October 3rd, 2023 [October 3rd, 2023]
- Brent Harold: The renaissance of union logic - Arizona Daily Star - October 3rd, 2023 [October 3rd, 2023]
- German bishops conclude tense gathering with all eyes on Synod ... - Catholic World Report - October 3rd, 2023 [October 3rd, 2023]
- Slasher Saturdays: The Hills Have Eyes (1977) Vs. The Hills Have ... - Horror Obsessive - October 3rd, 2023 [October 3rd, 2023]
- Listen to Scott Drebit Discuss His New Book A CUT BELOW: A ... - Daily Dead - October 3rd, 2023 [October 3rd, 2023]
- Whitney Houston Hairstyles: Tribute to Her Unparalleled Elegance - PINKVILLA - October 3rd, 2023 [October 3rd, 2023]
- Frosted Lipstick, Chunky Highlights & Thick Eyeliner: Every Beauty ... - New Zealand Herald - October 3rd, 2023 [October 3rd, 2023]
- From Alphas To Betas: Science Says There Are Three Types Of ... - Evie Magazine - October 3rd, 2023 [October 3rd, 2023]
- Russell Brand is a product of the horrifically misogynistic noughties - Prospect Magazine - October 3rd, 2023 [October 3rd, 2023]
- The Enduring Magic of Lorde's Pure Heroine and HAIM's Days Are ... - Paste Magazine - October 3rd, 2023 [October 3rd, 2023]
- Climate activists: How far is too far in raising the climate alarm? - Daily Maverick - October 3rd, 2023 [October 3rd, 2023]
- Pride Anthems at WHBPAC June 2nd at 8PM - Hamptons.com - May 28th, 2023 [May 28th, 2023]
- The illuminating influence of Eric Huntley - Peoples Dispatch - May 28th, 2023 [May 28th, 2023]
- Want Sofia Richie Style? Try These Cheap Nordstrom Finds - Who What Wear - May 28th, 2023 [May 28th, 2023]
- What will Saudi-Iran rapprochement mean for the Palestinians? - +972 Magazine - May 28th, 2023 [May 28th, 2023]
- EU as Arbiter of Ideological Elegance? The European Conservative - The European Conservative - May 28th, 2023 [May 28th, 2023]
- Catholic theology yesterday and today: A Thomist's response to Dr ... - Catholic World Report - May 28th, 2023 [May 28th, 2023]
- Andy Warhol exhibition coming to College of DuPage - Chicago Tribune - May 28th, 2023 [May 28th, 2023]
- COVER STORY | Arlo Parks Embraces the Intimacy of Aliveness - Paste Magazine - May 28th, 2023 [May 28th, 2023]
- The Number Ones: The Black Eyed Peas' Boom Boom Pow - Stereogum - May 28th, 2023 [May 28th, 2023]
- 7 First-time ASTRA Exhibitors You Don't Want to Miss This June - Gifts & Decorative Accessories - May 28th, 2023 [May 28th, 2023]
- Curator Lesley Lokko on the Venice Architecture Biennale: 'It's about ... - Financial Times - May 18th, 2023 [May 18th, 2023]
- German revolution of 1848: A precursor to today's democracy - DW (English) - May 18th, 2023 [May 18th, 2023]
- The Hoxton, Lloyd Amsterdam to open 21st August 2023 - Hospitality Net - May 18th, 2023 [May 18th, 2023]
- Ruin America? Joe Manchin is just getting started. | Will Bunch ... - The Philadelphia Inquirer - May 18th, 2023 [May 18th, 2023]
- How the MTV logo captured the creative spirit of the 1980s - Creative Bloq - May 18th, 2023 [May 18th, 2023]
- I give up I cant do that: The song that made David Crosby want to quit music - Far Out Magazine - May 18th, 2023 [May 18th, 2023]
- How We Loved and Lost the Hot Girl Summer - The Swaddle - May 18th, 2023 [May 18th, 2023]
- 5 Laid Back Essentials From Faherty Prove The Hype - Fatherly - May 18th, 2023 [May 18th, 2023]
- 'How to Blow Up a Pipeline' director Daniel Goldhaber explains the ... - The Real News Network - May 18th, 2023 [May 18th, 2023]
- The Totally Rockin' History of Dr. Teeth and the Electric Mayhem - Collider - May 18th, 2023 [May 18th, 2023]
- Was The Hunger Games Renaissance Planned All Along? - GameRant - May 18th, 2023 [May 18th, 2023]
- Michael J. Fox Looks Back on Hollywood Triumphs, Setbacks and Why Parkinsons Is the Gift That Keeps on Taking - Variety - May 18th, 2023 [May 18th, 2023]
- It's Raining Ramen! A Brief History of Jewish Asian Fusion - Aish - May 18th, 2023 [May 18th, 2023]
- Ted Weber's Wesleyan Political Theology - Juicy Ecumenism - May 18th, 2023 [May 18th, 2023]
- What do the British Royals and Cleopatra have in common? - Firstpost - May 18th, 2023 [May 18th, 2023]
- Pakistan Army won't bounce back easily this time. Imran Khan ... - ThePrint - May 18th, 2023 [May 18th, 2023]
- Five years since #MeToo, Tarana Burke is looking beyond the hashtag - Yahoo News - October 15th, 2022 [October 15th, 2022]
- After Florence Pugh Freed The Nipple, Olivia Wilde Supported The Movement On New Magazine Cover - CinemaBlend - October 15th, 2022 [October 15th, 2022]
- Barbara Kay: The Movement to Normalize Pedophilia Hits a Roadblock, but We Mustn't Let Our Guard Down - The Epoch Times - October 15th, 2022 [October 15th, 2022]
- Is it Time to Decolonize Global Health Data? - Research Blog - Duke University - October 15th, 2022 [October 15th, 2022]
- Claire Foy Doesnt Think Women Talking Could Have Been Made Before #MeToo - Yahoo Entertainment - October 15th, 2022 [October 15th, 2022]
- Can the Congress rewrite its chronicle of a death foretold? - Scroll.in - October 15th, 2022 [October 15th, 2022]
- We need a strong nationalist as a president - Daily Sun - October 15th, 2022 [October 15th, 2022]
- The 19th Century Movement to Canonize Columbus - Catholic Exchange - October 13th, 2022 [October 13th, 2022]
- Audemars Piguet toasts 50 years of Royal Oak with new watches, book - New York Post - October 13th, 2022 [October 13th, 2022]
- Claire Foy Doesn't Think 'Women Talking' Could Have Been Made Before #MeToo - Yahoo! Voices - October 13th, 2022 [October 13th, 2022]
- Best Bets: 6 nights of live music at Wussow's and more - Duluth News Tribune - October 13th, 2022 [October 13th, 2022]
- Five Burning Questions: Bad Bunny Spends a 13th Week at No. 1 With Un Verano Sin Ti - Billboard - October 13th, 2022 [October 13th, 2022]
- San Diego artist uses creativity to uplift Black culture and 'determine how we are seen' - The San Diego Union-Tribune - October 13th, 2022 [October 13th, 2022]
- The Premier League at thirty - what should it sound like next? - Broadcast - October 13th, 2022 [October 13th, 2022]
- Steve Braunias on Peter Ellis case: 'Moral panic, contaminated evidence and an innocent ghost' - New Zealand Herald - October 13th, 2022 [October 13th, 2022]
- Constituency Statutes: The Overlooked Predecessor to the ESG Movement - JD Supra - October 2nd, 2022 [October 2nd, 2022]
- 10 books to add to your reading list in October 2022 - Los Angeles Times - October 2nd, 2022 [October 2nd, 2022]
- The Multiple Religions Coexisting Within the Catholic Church - Crisis Magazine - October 2nd, 2022 [October 2nd, 2022]
- 2023 Oscar Predictions The Rules of the Game - Awards Daily - October 2nd, 2022 [October 2nd, 2022]
- Kathy Sheridan: Brace yourselves for where Giorgia Meloni and Italy end up - The Irish Times - October 2nd, 2022 [October 2nd, 2022]
- The rise and fall of Sir Philip Green, the retail king who fell from grace - Evening Standard - October 2nd, 2022 [October 2nd, 2022]
- The lying flat movement standing in the way of China ... - Brookings - September 29th, 2022 [September 29th, 2022]
- Namwali Serpell Distills the Disorienting Experience of Grief in 'The Furrows' - Shondaland.com - September 29th, 2022 [September 29th, 2022]
- Dance & House Music Ruled the Summer. What Now? - Complex - September 29th, 2022 [September 29th, 2022]
- It is time to back a new party in the elections - Morning Star Online - September 29th, 2022 [September 29th, 2022]
- The empty feminism of Dont Worry Darling - The Guardian - September 27th, 2022 [September 27th, 2022]
- Sunburn The morning read of what's hot in Florida politics 9.26.22 - Florida Politics - September 27th, 2022 [September 27th, 2022]
- GOP candidate Trevor Lee ran a secret Twitter account that attacked LGBTQ people and Utah Gov. Cox. Now he's been rebuked by Republican leadership. -... - September 27th, 2022 [September 27th, 2022]
- Peeling Back the Slasher-Inspired Look of HBO Maxs Pretty Little Liars: Original Sin with Cinematographer Anka Malatynska - Dread Central - September 27th, 2022 [September 27th, 2022]