Billionaire Andre Cronje sour goodbye to crypto! Cardano ERC-20 converter! Snoop Dog Cardano NFTs! Visa new NFT program! Metamask iCloud security issues!
In this second instalment of Cow's comfy reads we will be looking at the most talked crypto gossip in the past 48 hours! Enjoy! Moooooo! This edition contain some "exclusive alpha" with paywall.
Today Andre Cronje posted a medium article saying goodbye to crypto. “The rise and fall of crypto culture” leaves a sour taste in the mouth of readers as Cronje simply discredit most of the financial products produced by crypto. The billionaire says “Crypto is dead. Long live Crypto.” - Opening the article with striking precision.
I often feel that a lot of what is being built in crypto is being built by people that read a Wikipedia article on bonds, or seigniorage, or debt instruments and then thought to themselves, “they can do this better”.
- Andre Cronje
“I have long been vocal on my disdain of crypto culture, and my love for crypto ethos. Reading that might sound weird, but the crypto ethos is concepts like self-sovereign rights, self custody, and self-empowerment. Crypto culture is concepts like wealth, entitlement, enrichment, and ego.”
Crypto Twitter was not happy about this and the drama quickly ensues.
What chocks CT, even more, is that Andre calls for more regulation, referring to crypto enthusiasts as small children.
“I now more than ever see the need, or even necessity for regulation, not as a mechanism to prevent, but as a mechanism to protect. It’s like a child trying to stick their finger into an electric outlet, you stop them before they can learn why they shouldn’t. One day they will understand, but not today.”
For Cow the most striking statement is this one: “we will see the rise of a new blockchain economy, not one driven by greed, but instead driven by trust, not trustlessness. There is an irony in having come full circle”
According to Andre the blockchain ecosystem is about to enter a new phase of “trust but not trustless” - for those familiar with the concept of trustless we all know that moving from trust to trustless is one of the big innovations of smart contracts, and going full circle is nothing but surprising. If Andre believes this it’s most likely that he is correct.
Andre now is focused on his investment banking strategy as his Linkedin points out. Link to his full post here.
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