[prohobo]

This is the guy who has been writing the same things about crypto for the past 2 years. He makes a lot of extremely arrogant assumptions then extrapolates from them to weave a narrative that confirms the biases of his readership.

I'm not sure why he's constantly re-iterating his opinions with new blog posts... he hasn't seemed to update his knowledge at all since 2019, and his opinions haven't changed.

He seemingly has no concern for the state of the economy and public institutions, nor any awareness of the cryptocurrency scene beyond the cryptobros.

For anyone trying to understand why so many people are supportive of crypto, first you have to understand why they are against centralization. The whole cryptocurrency "movement" is about solving political and economic problems through technological means, with the main target being centralized power.

For most, centralization isn't such a bad thing and seems to be working quite well. These are generally the people who, for example, don't think Google is doing anything particularly wrong. For others, decentralization is the only path to simultaneously progress society and untether it (lol) from legacy institutions. Blockchain is the technology that can enable that and usher in more fair and resilient community systems. That's the "use case" that Stephen Diehl is incapable of finding.

[sandofsky]

I've only read a few of his posts so far, and this one seems to do a good job explaining why VCs are so interested in it. It seems like you've simplifying his argument into simply "anti-cryptocurrency," when there are many interesting perspectives explain its irrational popularity. I think you could fill a book on it.

On your argument about centralization, do you think that the momentum fueling its popularity is grounded in centralization vs decentralization? Because most of the interest I see boils down to making money via speculation.

[prohobo]

The frenzy is caused by the erosion of previous barriers to entry for investing (the same thing is happening on the traditional stock market), as well as the slow collapse of the middle class, leading people to taking risks and hoping for miracles. That rich people have noticed this and are taking advantage is no mystery. These problems have been caused by the current system, yes.

I don't blame the cryptobros for doing it, the same way I understand people drowning in rivers while searching for gold, and it's a problem that did not originate with the push for decentralization. Exchanges and financial institutions have created an environment that reinforces the worst aspects of modern capitalism, and crypto as a technology is the scapegoat that has been gleefully jumped on by the existing ruling class.

[dcabrejas]

So true. In my opinion Stephen makes the mistake of mixing the technology (Blockchains) with the Ponzi schemes that some people use them for. To give an analogy, the internet is used for crime, but it would be wrong to say it was invented for that purpose and it should be abandoned. Blockchains are the only known way of having a digital cash system without a Central authority. Period. A small percentage of people are getting richer and richer with the status quo (banks, payment processors, etc...) They are milking people with their transaction fees, interests, cross border fees, etc... They are also bailed out with taxpayers money when they mismanage money. It's about time we cut out the middle man, and crypto is the only known way to do that!

[h00dui]

I'd have to agree. If you've followed Stephen for some time you just begin to think he hates everything. Put the tweeter down S. Diehl.