We’re seeing lots of tradfi common practices proving not working in crypto these days. This feels like a step back and setbacks, as Ray Dalio says, are fundamental pieces to make something evolve.
But, what needs to evolve beyond the obvious in governance and transparency? What is deeper, closer to the structure, that has the opportunity to be improved now?
Let me be clear that this is a biased article from a perspective of the original values of blockchain and crypto. The cypherpunk and Ethereum launch era values where adoption was still impressive, although slower, and the path was slightly different with experiments going in directions that defied (pun intended) the tradicional International Monetary System.
But let’s get back to the question at hand. What can be improved in this learning process of cEXs and funds going down and liquidity evaporating?
I see as the key learning here that, either one sees crypto as an alternative to traditional finance or tries to incorporate it in tradfi. But the thing is that the latter option means deforming a technology fudnamentally based on programed transparency, permissionlesness and decentralization to a debt and vertically based system. After trying to figure out a scenario where it works, I can’t help to see crisis as this premise holds. Because crisis comes from social and economic inequality and lack of transparency that leads to manipulation. And I may be too dum but I fail to see how this is not correlated to money coming from debt in inflationary cycles.
So what if all this was actually the collective subconsciousness learning to behave in a new way? We are seeing DeFi adoption still rising and the number of impact projects rising as well.
Much of the builders and larger investors responsibility should be aligned with the fundamental values of the underlying technology.
Are you measuring your investments and your projects in terms of leverage (debt) and fiat?
We still need fiat to pay the bills in most places but that doesn’t mean we can’t look crypto different both in terms of investment and of venture.
Maybe and hopefully the learning process moves toward the essential and not toward the same patterns we reproduce knowing deep inside will take us to the next fall and we we’ll keep calling it a “price correction” to cover the fact that price correction is influenced by trying to deform the underlying blockchain and crypto values.
And if by now you want to know a weird gang that is going in another direction reforming values get to know Bankless, ReFi DAO, ReFi Spring and Alliance for Prosperity.
And obviously buy some cRECYs because maybe, just maybe, there’s some sense on this craziness of regenerative economy with blockchain we’re talking about.
Yeah bro, definitely the nigh is darker before dawn. I think we still have some winter days before spring. Hopefully our collective intelligence will learn from this episodes and we shall walk towards ReFi and the core crypto/web3 values. Meanwhile, let's keep building based on those values.
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