by YFI’s DeFi protocol was created by Andre Cronje, a well-known blockchain developer. He told us why he thinks this area needs to be regulated and why he thinks it should be.
Regulating Negative Times
Mr. Cronje has published a new essay titled “The Rise and Fall of Crypto Culture” on Medium. Cryptocurrency culture and cryptocurrency ethos are two things that show that people around the world are adopting Web 3.0. There are two different things: cryptocurrency ethos, which is about owning your things, and cryptocurrency culture, about having money.
One can’t look at financial markets in isolation when it comes to comprehending the supply and demand of money and the role of various financial instruments in that supply and demand chain. There’s a reason they’re here. However, cryptocurrency represents a new generation that believes “we can do it better.”
Mr. Cronje believes that by 2022, the second notion will have better captured the cryptocurrency and blockchain sector: Cryptocurrency ethos has been suffocated by cryptocurrency culture. The terms “regulation” and “legislation” are interchangeable. They’re there for you when you’re in trouble, not while on your honeymoon and drinking champagne.
I now understand the need, if not the requirement, for regulation as a shield to prevent rather than a device to avoid. It’s like stopping a toddler from sticking their finger into an electrical outlet before discovering why they shouldn’t. They’ll comprehend one day, but not today.
Cryptocurrency is no longer in use. Cryptocurrency is alive and well. It is now or never; the present iteration is becoming the badlands, where unidentified wallets hide in the dark. We’re seeing the development of a new blockchain system that isn’t driven by greed but rather trust. Although ironically, I’ve come to this point, I’m more eager than ever. I’m not going back to the badlands, but I’m looking forward to this new chapter in my life.
What Does the Future of the Blockchain Economy Look Like?
Mr. Cronje likened this procedure to prevent a toddler from placing his hands into an electrical outlet, saying that it should be enforced before they realize why they shouldn’t. This point is critical for the remainder of the segment: Mr. Cronje concluded, “Cryptocurrency is dead; long live cryptocurrency.
To Mr. Cronje, this is the beginning of a new age for blockchain and cryptocurrencies, based on trust rather than distrust, and he’s looking forward to the next chapter of his adventure. U.Today has talked about this before, but early last month, Mr. Cronje and Anton Nell made headlines when they resigned from FTM-based protocols. FTM and other Decentralized Finance assets fell by double-digits.
