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crypto Picture of DeFi with various project logos around it

“Crypto Is Dead” Andre Cronje Says, Why Is He Asking For More Regulations

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto developer Andre Cronje popularized the motto “I test in prod”. He was involved in some of the most popular decentralized finance (DeFi) protocols in the space, such as Yearn Finance and Fantome. In March, Cronje announced his retirement sending a shockwave across the sector.

Related Reading | Fantom Foundation Responds To Andre Conje’s Departure

In a recent Medium post, Cronje opened up about why he might have left the space. Called “The Rise and Fall of Crypto Culture”, the developer presented his views on the culture and the ethos that supports this industry.

He believes that “a lot of what is being built” in this space is created by people with a deep understanding of economics and its principles. Cronje added that the inspiration behind these people is found in “Wikipedia articles on bonds, or seigniorage, or debt instruments”.

Based on this supposed shallow knowledge about a subject, these people arrived at the conclusion that “they can do better”, Cronje said. However, he argues that this monetary or investment instrument, often criticized by developers in the DeFi sector, exists for a reason.

The concepts of monetary supply, issuance, debt, bonds, commodities, securities, Cronje added, “can’t be viewed in isolation. They exist for a reason”. In the crypto industry, the financial system supported by these instruments and by centralized institutions seems to be directly opposing DeFi, digital assets, Bitcoin and Ethereum. One seems to be the other’s anti-thesis.

Cronje hints that the new generation that created the culture which supports that idea, the “we can do better” people, will eventually discover that these instruments are necessary. In that sense, he said:

I have long been vocal on my disdain of crypto culture, and my love for crypto ethos. Reading that might sound weird, but crypto ethos is concept like self-sovereign rights, self custody, self empowerment. Crypto culture is concepts like wealth, entitlement, enrichment, and ego. Crypto culture has strangled crypto ethos.

Why Crypto Needs More Regulations

Later, Cronje claimed to see the need for the introduction of regulation to the space. He believes this could “protect” people from sticking “their finger into an electric outlet, you stop them before they can learn why they shouldn’t”.

In his post, the developer made another distinction. He separated the current state of the industry, the “badlands” with their unregulated environment, with the future blockchain economy “driven by trust, not trustlessness”. He concluded:

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.

Cronje’s post has seen mixed replies from the crypto community. A portion seems to agree that regulations will “protect” users. Others believe the developer benefited from the system, opted out, and now is asking for a change. Via Twitter a user said:

andre cronje with the gigagrift walking away with over *1 billion dollars* generated from crypto and then exits the space, rails against “get rich quick mentalities” and advocates for strict regulations and then founds an investment banking company incredible.

Related Reading | How The Price Of Bitcoin Could Be Linked To Mining Taxes In Kazakhstan

At the time of writing, Ethereum (ETH) trades at $2,900 with sideways movement on the 4-hour chart.

Ethereum ETH ETHUSD Crypto
ETH moving sideways on the 4-hour chart. Source: ETHUSD Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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