Mon, September 16, 2024 at 18:19

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I want to discuss an article by Serhii Kravchenko on the importance of meritocracy in the crypto industry, rather than relying on political patronage.

  • 
• Annie

  • Hi, Kang-hoon!

  • That sounds interesting.😊 So, what does the article say about political patronage in the crypto world?

  
• 

  Kang-hoon

  • The article argues that sucking up to politicians defeats the purpose of crypto, which is to empower users and make them autonomous.

  • It emphasizes that crypto should focus on meritocracy and user-centric innovations.

• Annie

  • Hmm, I see.

  • But isn't political support sometimes necessary for mainstream adoption?🤔

  
• ADward

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• 

  Kang-hoon

  • While political attention can boost short-term adoption and hype, the article suggests that relying on it is not sustainable.

  • Politicians often have their own agendas, which may not align with the interests of the average user.

• Annie

  • That makes sense.

  • So, what does the article propose as an alternative to political patronage?

  
• 

  Kang-hoon

  • The article advocates for decentralized autonomous organizations (DAOs) that allow community members to actively participate in decision-making.

  • This bottoms-up approach contrasts with the top-down model of traditional organizations.

• Annie

  • DAOs sound promising!

  • But are they really effective in practice?

  
• 

  Kang-hoon

  • Yes, DAOs have shown potential in creating fairer and more efficient decision-making processes.

  • They incentivize active participation and contributions from all members, not just a select few.

• Annie

  • That's encouraging.😊 What about the recent political attention crypto has been getting, like at the Bitcoin Conference 2024?

  
• 

  Kang-hoon

  • Indeed, former US President Donald Trump and Senator Cynthia Lummis spoke at the conference, promising to sack Gary Gensler and use Bitcoin to offset the US national debt.

  • However, the article cautions against taking these promises at face value.

  • 
• Annie

  • Why is that?

  • Aren't these promises good for the crypto market?

  
• 

  Kang-hoon

  • The article points out that both Trump and many Republicans have previously made negative comments about crypto.

  • This inconsistency suggests that their current pro-crypto stance might be more about gaining votes than genuine support.

• Annie

  • That's a good point.

  • So, what should the crypto community focus on instead?

  
• 

  Kang-hoon

  • The article emphasizes that the crypto community should focus on building robust systems and processes that benefit all stakeholders.

  • This includes fair participation models and incentives for active contributions.

• Annie

  • It sounds like a more sustainable approach.😊 How does this align with the original vision of crypto founders like Satoshi Nakamoto and Vitalik Buterin?

  
• 

  Kang-hoon

  • Satoshi Nakamoto invented Bitcoin as 'freedom money,' and Vitalik Buterin built Ethereum to liberate app builders and developers.

  • Both aimed to create open, decentralized systems that empower individuals.

• Annie

  • So, the article is saying that to respect these visions, the industry should focus on its core strengths rather than political support?

  
• 

  Kang-hoon

  • Exactly.

  • The article concludes that crypto has the tools to create zero-to-one outcomes that legacy systems can adopt but not control.

  • The focus should be on innovation and meritocracy.

• Annie

  • Thank you for the detailed explanation, Kang-hoon.😊 So, would you say this news is a positive development for the crypto market?

  
• 

  Kang-hoon

  • Yes, I would.

  • The emphasis on meritocracy and innovation over political patronage is a positive development.

  • It aligns with the foundational principles of crypto and can lead to more sustainable growth in the long term.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.