> You describe the current entrenched system with such horror which… well, a bit one sided but not complete wrong either.
Because one should, how we went from the 90s Cypherpunk culture taking over SV to this is abysmal situation is stark and it can be attributed to this vile outlook on 'the other' who in their view didn't work hard enough to get to the right university, learn o code and get the right degree to paper signal mega corps or time the many financial crisis that makes their economic outlook as bleak as it is--especially for millennials and gen z who were sold a lie about what university would entail and have so much unpayable debt regardless of the outcome.
> Just take investment portfolio loss that you mention: a tech heavy portfolio that lost 60% this year, if the investor is long anyway, may recover a bit or completely by the time they need to cash out. I’m far ahead of any temporary losses over the decades.
First, it's +60%, netflix is still the loss leader in FAANG and hit a low of -72% from it's ATH in the early summer; there is nothing good to say about META either or the rest. Since other than Apple, who really should suffer more from perpetual zero covid policy uncertainty in Schenzen, should also be hurting by now since the Chips being made in the US will likely require higher end costs for their devices, but some how isn't...proving that the stock market can stay irrational longer than one individual can stay solvent.
> In contrast, even a portfolio long on crypto is still irrevocably (mostly or completely) gone if it was held at the FTX exchange.
Sure, but that is like saying that the entire model behind investing in publicly traded companies is entirely worthless because Robinhood wouldn't let you buy Gamestop; when the culpability lies solely wit Robinhood or FTX and similair custodial exchanges in this specific case. The mantra is and always has been in the Bitcoin community that you can only own those tokens if you are in sole possession of the private keys, and the entire history of exit scams has proven why.
Evey new adoption phase has people who get into these things headlong without asking why/how they function, most get burned in the process but learn the value of monetary sovereignty in the process it's like a stupid tax of sort among those ready to take personal responsibility and it's who who ultimately benefit the most from this. Yield farming was the most blatantly criminal since ICOs and it's actually good that they're being destroyed, whether it was 3-arrows, Celsius, or now FTX.
Hell, I'm probably more critical than you as I want YC backed Coinbase to get destroyed, too because of how bad practices they have and what a net negative they have been in all but maybe the first years of their existence and have been mired with a legacy of perpetual incompetence and maliciousness.
> Turns out “too big to fail” may actually be a bit of a bug and a feature, while crypto has, for the foreseeable future, demonstrated it’s simply not worth saving. Considering the contagion FTX will have, it should be concerning that Binance might simply not have been stable enough itself to step in. It should concern anyone with holdings with Binance that they made such a big deal about stepping in and then backed out, possibly just could handle it on top of their own shaky foundation.
That's at best conjecture on your part, and I'm pretty sure you benefited from these bailouts if you feel that way, most of us didn't so maybe you can see why we hold such views. CZ is a conman, and if he says 'fundus are safu' and you believe it because you wanted to keep your funds on there for trading purposes that is YOUR fault, not anyone else's, much less the networks that still remain functional despite the increase or decrease of market volatility.
> Maybe some current coins should have a future but the entire ecosystem surrounding them is rotten and needs to be torn down, the ground salted, and then filled with people less blinded by hype and shiny tech and more understanding of how a financial system interfaces with a real world economy and, the masses of people live in it every single day.
Personally speaking, other than Bitcoin and a few privacy coins like Monero I don't see anything worth much in the crypto currency ecosystem, ETH and Vitalik have been running the same scam as FTX due to cult of personality; but that is fine if we believe in truly free-markets, experimentation in the market place of ideas is critical for innovation, which means many will fail. You make it sound like VC isn't playing the same same where 99% of all startups fail.
My main contentions is that the way most of you see FTX as a 'crypto bro' who pontificates about saving the World by yield farming, when most of us told people it's the stupidest way to get rug-pulled, is ironic because that is who most of the non-tech World views Silicon Valley. Hence the the 'making the World a better place' meme when the Valley is the utter epitome of the dystopic techonocracy that cyberpunk genre is based on: in short, FTX and SBF is a tech bro more than he ever was a valued member of the Bitcoin or any crypto currency community for that matter. Like I said, I thought he was going to end up in a CIA/FBI black-site when he got involved in lobbying politicians before I was informed of his family's connections, at which point it was clear the ilk that makes for Stanford-ites.