Crypto Meltdown Exposes Hollowness of Its Libertarian Promise

It's step in step with the Nasdaq. Should we cancel that too?

Let's say "the state" saw promise in crypto and therefore threat to its monopoly power over money. How best to counter the threat? Forbidding things makes them sexy...

How about let's foster an ecosystem of horribly transparent scams and predatory behavior on top of it? If we can spread enough shit over it, no one will want to use it, and the potential will be safely buried.

See also 4chan.

There is a sentiment among crypto folks that Tether is too big to fail at this point. We have come full circle!

All government has to do to kill crypto is --- nothing. Just sit back and watch it collapse under it's own weight of corruption and disinformation and anti-establishment rhetoric.

Do not regulate, do not bail out --- just watch and wait.

Thousands of years ago, people decided to stop living like animals and form a civilization. Let's make norms, rules, and institutions, they said, so we don't have to lose our minds amidst the natural uncertainty, so we can plan our lives and families.

Then the "small government libertarians" came along. Notice these are usually the Peter Thiel types, who are already well-off and directly benefit from a castrated government and fewer rules. The type of guy who thinks speed limits are cramping his style.

https://nymag.com/intelligencer/article/peter-thiel-silicon-...

I am LMFAO at this headline from the "Capitalist Tool" (a phrase used in their own marketing) Wall Street Journal.

This is actually a good thing - it's a feature not a bug. You can think of crypto as a pressure relief value for banking deregulation/DeFi advocates. Instead of spending their time and energy in changing the current system of central banks, they can focus their efforts in building and chasing complex crypto systems, schemes, and gains.

Moreover, it's a convenient social proxy. A person's participation in cryptocurrency is a strong signal in deciding my willingness to continue engaging with them. It was much more awkward before when we had to watch out for dog whistles and coded language. Crypto-enthusiasts on the other hand, are eager to display their interest and generally seem unabashed. It makes the entire process much more efficient.