Following his departure from the crypto and DeFi space earlier this month, prolific blockchain programmer Andre Cronje is back, this time calling for regulation, but many in the crypto community are not embracing him with open arms. Let's discuss.
Cronje's Leave of Absence from Crypto
It's been two weeks.
On April 3rd, 2022, Cronje, who is also popularly known as the godfather of DeFi, and senior solutions architect on the Fantom Network, Anton Nell walked away from the crypto space, severing ties with 25 apps and services and moving on, supposedly, to greener pastures.
Though news of this departure had been circulating in the media for weeks since Nell's tweet on March 6th announcing the duo's intent to resign, it's really only been two weeks since they left the crypto space for good. And so, it came as a bit of a shock when...
Cronje returned with some thoughts.
Cronje: Crypto Needs Regulation
Image courtesy Pixabay
In an article titled The rise and fall of crypto culture published on Medium earlier today, April 18th, Cronje likened crypto's current state to the birth of monetary policy. He argued that crypto in its current state is dead and insisted that it could only be revived with regulations.
Pointing out that crypto had lofty ideals: self-sovereign rights, self custody, and self-empowerment, Cronje makes the case that a crypto culture promoting "concepts like wealth, entitlement, enrichment, and ego... has strangled crypto ethos."
"I have long been vocal on my disdain of crypto culture, and my love for crypto ethos...," he says. "I now more than ever see the need, or even necessity for regulation, not as a mechanism to prevent, but as a mechanism to protect."
And referring to a new future where the blockchain economy is not driven by greed, but instead by trust, Cronje says, "I find myself more excited than ever."
So, is Cronje returning to crypto? Maybe.
He says, "I won't step foot into the badlands again, but I'm vastly excited about this new future."
Mixed Response from the Crypto Community
Given his prominence in the crypto space, Cronje's words are certainly shaking the table this morning. Some in the crypto community recognize and agree with the call for regulation, while others are calling him out, accusing him of hypocrisy, of acting purely out of self interest and not truly in the interest of the community.
Personally, I understand the call for regulation of some sort. In fact, I've been concerned by the frequency and cost of the recent spate of attacks in the space and the implications of those attacks, particularly for small investors who buy into the ideals, invest, and then run the risk of losing a significant amount of money, not because of market factors, but because of bad actors.
I think one issue here is that Cronje's comments read like a toxic marriage where there is a cycle of one spouse leaving in a fit when things get sour and then promising to return if the partner changes.
To many, the most recent March 6th tweet by Nell put billions of dollars at risk in key projects affiliated with Cronje, and for a time at least, investors were scrambling to recoup funds. And I mean, you can think of it like making an omelette...
But I think the aftertaste is still there for some investors and the nostalgia hasn't quite kicked in yet, so in this case, unfortunately, the issue for some might be the messenger. I would hope though that once we move past this stage of acrimony, that true and meaningful, productive, genuine conversations can be held about the next steps to protect the growth of crypto and its investors.
I certainly love the community that I have found myself in, and I embrace its ideals. This does not erase my concern for bad actors who will have no qualms about manipulating these ideals for nefarious purposes. I do not concern myself with mainstream finance, this is my home, and so I support practical suggestions for its protection. Whether that takes the form of regulation which can, unfortunately, sometimes be restrictive and divisive and also fly in the face of our ideals is another question. But those are my thoughts on this, friends, and I am but a minnow in a sea of whales. I'd love to hear your thoughts though.
Tell me, what do you think of Cronje's comments? Do you think they are timely? Do you agree with them? And what do you think the future holds in terms of the new blockchain economy he hints at? Should such a regulated economy arise, where do you think you'll fit in best- in the badlands among the unknown wallets lurking in the shadows as Cronje describes them, or do you think you'll be out in the open, embracing an economy built on trust? As always, I'd love to hear your thoughts, my friends.
I'm off again, in search of another story. Until we meet again, please remember to be safe. Arrivederci!