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Fascinating thread about how tradfi world has tried to transcend fundamental tensions and “adopt” crypto somehow. This is the Counter-Reformation of our time
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THREAD 🧵 I see CBDCs are trending again, so I thought I would offer some insight and context to the whole story. How did this idea even come about? What are they good for? Are you getting the full picture? (I will probably keep adding to this thread as things evolve.)
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In a way, people like Izabella and Matt Levine paying serious attention and trying to interpret crypto for central banks, wall street etc are like the Jesuits of the 1600s saving the Catholic Church from itself.
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One of my recent conclusions has been that things like “efficiency” which are self-evidently “good” from an unreconstructed centralized perspective become highly suspect if decentralization is really a true north.
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The thread talks about how they found blockchains wouldn’t increase efficiency etc. Well of course. If you’re not willing to even consider subverting the “central” in central banks you will obviously look for things like “efficiency” and find no case.