Satoshi's original vision for Bitcoin wasn't the idea of "Store of Value" like a lot of its proponents currently claim - it was a peer-to-peer payments system, and the idea of an economy that can run without any debt.
Another look at the history of Bitcoin and crypto, and the radicalism that was involved when it first launched. (And how that radicalism was lost in many ways in recent years.)
- Crypto systems inherently have no debt, which is a very radical idea that often gets overlooked.
- The 2008 crisis was primarily caused by bad loans (sub-prime mortgages) and CDOs (Collateralized Debt Obligations) which masked the toxicity behind borrowed money.
- Wall Street was bailed out, nobody went to jail, the industry learned nothing other than how to hide it better - now known as Bespoke Tranche Opportunities (BTOs)
- Bankers tried to introduce borrowing/debt-based financial instruments into crypto. They couldn't do it, so they went back to issuing credit *around* crypto assets instead. (ETFs, crypto investment funds, crypto futures, crypto exchange holdings, etc.)
- Crypto "borrowing" systems that require 100% collateral is useless and nobody will use them unless the lender is willing to shoulder at least some of the risk.
- The market corrections we see now is "resetting" the crypto markets by flushing out debt-based initiatives in the Web3 space that are unnecessary so that it can go back to its "First Principles".
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