‘Crypto is dead. Long live Crypto,’ is how DeFi Godfather Andre Cronje begins expressing his concerns over how he feels about the present day crypto culture.
In a blogpost posted on Medium titled the ‘The rise and fall of crypto culture,’ Cronje cites an anecdote about how coders often assume they can better a piece of software before realizing that the original code was written in a certain way for a purpose, and how it’s the same for crypto.
Cronje believes that the only way to manage the greed that he sees in the crypto sector is to regulate it. He added that regulation of the industry is required not as a device to prevent but rather as a measure to safeguard users.
The rules regarding monetary policy, debt issuance, bonds, derivatives, and other aspects of the financial system ‘exist for a reason’, Cronje added, and the same should be regulated not as a necessity to prevent but to protect.
Cronje also stated that he has long been outspoken about his ‘disdain for crypto culture’ as well as his ‘love for crypto ethos’.
Wealth, entitlement, enrichment, and ego are all concepts in crypto culture, says Cronje before adding that crypto ethos has been strangled by crypto culture.
Cronje believes that a new blockchain economy is on the horizon, but that it will be ‘driven by trust, not trustlessness,’ and that new laws will keep greed at bay.
He concluded by saying “There is an irony in having come full circle, yet I find myself more excited than ever. I won’t step foot into the badlands again, but I’m vastly excited about this new future.”
A few members of the crypto and DeFi communities took offense to the post, with many criticizing Cronje’s attitude on the sector, citing the amount of money he made before leaving the space.
Just last month Andre Cronje announced his retirement from crypto space along with his partner Anton Nell after their exceptional contribution towards the crypto world with new innovations and developments. The duo terminated 25 apps and services by April 3rd, 2022 as part of their exit.
