In a blog post published Monday, popular DeFi architect Andre Cronje criticised the nature of “crypto culture,” stating that it violates the ethos of the growing ecosystem.
According to Cronje, the drive for wealth in crypto culture is stifling the more noble objectives associated with the crypto ethos.
Cronje stated:
“I’ve long been open about my disdain for crypto culture and my love for the crypto ethos. That may seem strange, but crypto ethos is a concept similar to self-sovereign rights, self-control, and self-empowerment. Wealth, privilege, enrichment, and ego are all ideas in crypto culture.”
Cronje also said that many cryptocurrency developers lack a basic knowledge of monetary policy. He believes DeFi developers seem to study Wikipedia pages on bonds, debt instruments, and seigniorage and believe “they can do it better.”
According to the article, today’s crypto developers seem to be replicating the same errors committed by those who developed mainstream finance’s current monetary policies.
The well-known DeFi developer called for further regulation, claiming that a strong legal framework is required to safeguard players. Cronje predicted the creation of a new crypto economy driven by trust rather than greed under such a legal framework.
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