AC New Article: The Rise and Fall of Cryptocurrency Culture
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AC New Article: The Rise and Fall of Cryptocurrency Culture
Crypto is dead, crypto lives forever.
Navigating Web3 tides with focused insightsAuthor: andrecronje
Translation: L
Crypto is dead. Long live Crypto.
I wish I were older—old enough to have witnessed the birth of monetary policy and seen the mistakes they made, because I believe we are repeating them.
I often feel that much of what exists in crypto was built by people who read Wikipedia articles on bonds, heroin, or debt instruments and then thought, "I can do better."
This happens frequently in programming—you come across code written by another organization or developer, and you immediately start spotting flaws: "This isn't needed," "This could be improved," "Why did they do it this way? It makes no sense"—then comes the urge: "I can do better."
So you spend days, weeks, even months redesigning the code. Then you hit your first wall—you need to make an adjustment, then a second, a third, and so on. Eventually, your code ends up looking exactly like theirs, and you have that "Oh, right, now I understand" moment, because you finally grasp why it was built that way.
Monetary policy is the same. You cannot view concepts like money supply, issuance, debt, bonds, taxes, commodities, securities, and derivatives in isolation. They exist for a reason. But crypto is a new generation—one driven by the belief that "we can do better."
For a long time, I’ve loudly proclaimed my disdain for crypto culture, while maintaining deep love for the spirit of crypto. It may sound odd, but the crypto spirit embodies ideas like self-sovereign rights, self-custody, and self-empowerment, whereas crypto culture revolves around wealth, power, getting rich, and ego.
Crypto culture has killed the crypto spirit.
A professor once told me, "Contracts exist for when things go bad, not when they go well." The same applies to regulation and legislation. They matter most when you need them—the moments of crisis—not during the good times, when everything feels like a honeymoon with champagne.
Now more than ever, I believe regulation is necessary, even essential—not as a preventive measure, but as a protective one. It's like stopping a child from sticking their finger into a power socket, before they’re old enough to understand why it’s dangerous. One day they’ll understand—but not today.
Crypto is dead. Long live Crypto.
We are entering a new era. The current iteration will become the foundation, with unknown wallets lurking in the shadows. We will witness the rise of a new blockchain economy—not driven by greed, but by trust.
There’s irony in coming full circle, yet I find myself more excited than ever before. I won’t step back into the wilderness, but I am profoundly excited about this new future.
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