The misconception that the crypto movement started with the publication of the Bitcoin whitepaper 2008 is incorrect. The intellectual groundwork for crypto began in the 1980s, driven by concerns about the impact of computers and the internet on national security and personal privacy.

Early pioneers like David Chaum and Tim May expressed these concerns and proposed cryptography solutions. The Cypherpunks, a group of activists and engineers in the 1990s, further developed these ideas and laid the foundations for crypto as we know it today.

The cypherpunks believed in a decentralized and open internet, free from government oversight and censorship. They also had a strong skepticism towards central banks and fiat money. The modern crypto landscape reflects these ideologies, with blockchain technology eliminating the need for intermediaries and promoting open and permissionless systems. However, this has also created a space where illicit activities thrive, and regulation is complex.

While crypto has some legitimate use cases, such as cross-border transactions, it is primarily associated with scams and unproductive behavior. This was the intended outcome for the cypherpunks, which aimed to create a world where anything was possible, good or bad. However, this does not contribute much to overall welfare.

The belief that crypto could revolutionize finance and promote financial inclusion is misguided. Systems built on public blockchains, with limited law and order, are unsuitable for activities requiring trust and cooperation. Consequently, regulatory bodies like the SEC are cracking down on crypto, as it does not align with a functional and lawful financial system.

Given the existence of established banks and capital markets, it is difficult to justify a dysfunctional and crime-ridden financial system like crypto within a country.

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