"We believe the core of the cultural fissure between crypto and bitcoin comes down to financialization. While the ethos of bitcoin is to definancialize, the ethos of crypto is to financialize. We repeat our characterization of this tendency from above: DeFi engages in arbitrary and automatable combinations of seigniorage, securitization, rehypothecation, and leverage. It is the purest form of financialization ever conceived: the financialization of ... nothing at all." - Allen Farrington, & Anders Larson
Part 2 of the epic piece from Big Al and Allen Farrington on the conceptual, technical, and cultural failures of DeFi, and why it is, in fact, neither "decentralized," nor "finance." Another incredible piece for making some sense out of the insanity of crypto, especially in the wake of the FTX fraud.
If you haven't yet listened to Part 1, do so before digging into the second half or you may be a little lost... but hey that's just me. You do you:
https://open.spotify.com/episode/2Zf1kcS8lnrgiaMBKcs2BQ?si=d769841b092d4331
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