I absolutely loved and adored bitcoin as a technology from a technical perspective and all the ways it could change things for better. But what it had become is an abomination.
Also, “engineers hacking on finance” would've been very noble 20 years ago in a world where engineer/hacker was reminiscent of free software, mozilla, gnu, linux, wikipedia, etc.
Sadly it has fallen far from the tree, as they say, and became another Internet grift.
There's a misplaced belief that all regulations around money just popped out of nowhere.
In reality, all those regulations were built up over time in response to different scams and schemes. And crypto wants to erase all that learned experience and start from scratch.
There are also clueless people who bought SNAP stock the day before it dropped 45%.
There are also clueless people who paid $200k for degrees from top tier universities and are now in debt up to their eyeballs with no way to repay.
There is simply no way to protect people from cluelessness without banning our freedom.
https://www.cnbc.com/2022/05/29/who-got-rich-before-terra-st...
> In its Q1 earnings filing, Galaxy noted that the largest contributor to its net realized gain on digital assets of $355 million was sales of luna.