[v_london]

This concept is important to the way I think about crypto. It feels like a war between two elites (TradFi vs Crypto insiders and VCs), if crypto wins it it will not "democratize finance" when 90% of all Bitcoins have been mined in the first decade of the project's lifespan.

(This is not an attack against crypto in general, there are ways to design a cryptocurrency so it's equal to all participants regardless of the time they buy in, it's just that they fail to gain adoption because of a lack of VC funding and support from the crypto community, as neither can make a quick buck out of it)

[dekervin]

Well it is not really a war, so much as a rebalancing of power dynmics within Tradfi circles. You can look at the impact of computer on capital markets since the early eighties through the evolution of the social structure of investment banks labor force. It slowly became less and less blue blooded thanks to the need for quantitative skills.

But there was still a massive moat for institutions due to the need for trust, backed by a regulatory framework. And entrenched institutions means entrenched elite. What crypto provide is a temporary workaround for a faction of the financial elite to build rival institutions.

But the crucial thing is member of the new "crypto" elite are for the most part "junior" (in the status sense) members of the Tradfi elite. So for the rest of us peons, it will stay business as usual !