[TrackerFF]

I've followed crypto since late 2011, and the ideology today is completely detached from what it used to be. Back in the day you had crypto maximalists that mainly viewed it as freedom from authority, regulations, and traditional banking. No more expensive fees for sending cash, no more third parties like PayPal to charge fees and potentially freeze your money. Detaching your wealth from political systems.

Yes, a lot of techno anarchist and ancaps were part of the scene - with grand dreams of defi taking over the world.

These days it has just evolved into play money for finance bros and hedge funds, and more lately, a mechanism for circumventing corruption for the powerful and wealthy.

[rainsford]

I'm not sure the evolution you're describing is as much of a change as it might superficially appear to be. The modern crypto participants may look different than the original enthusiasts, but the philosophy of being free from authority and regulations is still 100% there. It's just that instead of it being about scrappy cypherpunk rebels, it's about billionaires who want to use their wealth to supplant governments and usher in a techno-feudalism future or whatever. Of course some folks are just in it for the get rich quick scams, but there is an obvious ideology around the cryptocurrency space today that is still anti-authority but for all the wrong reasons.

[topranks]

Yeah. It reveals the basic truth that if we have no government, laws or regulation we ultimately end up with the rich and powerful controlling things and doing what they want.

[topranks]

It’s the natural result of the technology’s original goal to be “unstoppable” and beyond regulation or laws.

Makes it a perfect place to run investment frauds, scams, Ponzi schemes and other activities that would be illegal in the regular financial sector. Also attracts criminals, tax evaders and money launderers.

Meanwhile it’s slow and cumbersome enough that anyone not seriously motivated to operate beyond the reach of the law stick with existing systems for convenience.