- The death of decentralization-washing is key to the great decoupling
- Net cash inflows into the market shift from speculation to revenue and determine winners
- Markets continue to stay irrational longer than you can stay solvent so everyone needs help
Death of Decentralization-Washing
For years, crypto has claimed to do business differently to propose a reserve currency thats truly countercyclical, to create trust in a trustless environment, to decentralize decision making and governance. In practice, bitcoin was a crappy tech stock, investors entrusted billions to centralized exchanges, and the crypto world continues to idolize charismatic founders, not communities – despite the hundreds of rug-pulls and ongoing toppling of former idols like SBF. And in these centralized models, the blockchain is little more than a very slow and expensive database.
Next year, the industry lives by its decentralization ideals, or it fails to differentiate from competing models that are better regulated, more efficient, and not filled with scammers and Ponzi schemes. We need a much sharper focus on three questions:
