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Rebuttal: I Don't Regret Spending 8 Years in the Crypto Industry

Ken Chang recently wrote an article lamenting his eight years in crypto as a waste, describing the industry as inherently destructive and a system of financial nihilism that has built the world's largest casino. While many in the space dismiss such critiques, the author acknowledges that Ken’s disillusionment—shared by earlier figures like Mike Hearn—stems from a genuine idealistic disappointment. Crypto promised decentralization and a new financial system but largely delivered speculation and gambling. The author identifies five core aspirations of cryptocurrency: restoring sound money, encoding business logic via smart contracts, making digital property real, improving capital market efficiency, and expanding global financial inclusion. While progress has been made in areas like Bitcoin, stablecoins, and certain efficient financial infrastructures, many grand visions—like overthrowing fiat or revolutionizing digital ownership—remain unfulfilled. The author advocates for a "pragmatic optimism." Speculation and casino-like dynamics are seen as unfortunate but inevitable side effects of building permissionless, open financial infrastructure. The key is to focus on the real, albeit gradual, progress—such as improved financial access and inclusion—while accepting that transformative change is slow and often captured by incremental efficiency gains, not revolution. The goal remains worthy, even if the path is messier than hoped.

marsbit12/11 06:04

Rebuttal: I Don't Regret Spending 8 Years in the Crypto Industry

marsbit12/11 06:04

Mars Morning Post | After Fed Rate Cut, US Dollar Records Worst Single-Day Performance Since September; Trump: Rate Cut Too Small, Could Have Been Doubled

Mars News, Dec 11 — Following the Fed’s decision to cut interest rates by 25 basis points, the US dollar recorded its worst single-day performance since September, with the dollar index falling 0.4%. Fed Chair Powell emphasized labor market risks and downplayed inflation concerns, contributing to the decline. President Trump criticized the move, calling the cut “too small” and suggesting it should have been doubled. In other developments, Stripe acquired the team behind crypto wallet Valora to expand its stablecoin services. The CFTC launched an innovation council with members including Polymarket, Kraken, and Gemini. GameStop reported a $9.4 million decrease in its Bitcoin holdings in Q3. Elon Musk hinted at a potential SpaceX IPO, while Michael Saylor argued that limiting passive Bitcoin investment would be counterproductive. A new wallet accumulated 1,200 BTC, and the crypto fear and greed index rose to 29, a one-month high. Meanwhile, the Norwegian central bank announced it sees no current need for a CBDC, citing an already efficient payment system. Paxful agreed to plead guilty to U.S. charges and will pay $7.5 million in fines. a16z Crypto opened its first office in Seoul. Analysts noted the Fed’s dovish tone, projecting 100 basis points in rate cuts next year, though internal divisions remain. Powell stated that further rate hikes are not the base case, and the focus is on whether to hold or cut rates.

marsbit12/11 05:39

Mars Morning Post | After Fed Rate Cut, US Dollar Records Worst Single-Day Performance Since September; Trump: Rate Cut Too Small, Could Have Been Doubled

marsbit12/11 05:39

A Brief History of the Encrypted Future: Seven Major Trends Reshaping the Industry Narrative in 2026

"Crypto Future: 7 Trends Reshaping the Industry Narrative in 2026" This article outlines seven key trends expected to define the crypto industry in 2026. First, **Appchains** will see a major breakthrough, as applications built on custom, purpose-specific blockchains optimized for unique user experiences and cultures will flourish, enabled by modular infrastructure. Second, **prediction markets** will continue to innovate, with success hinging on solutions that reduce spreads, increase open interest, and capture specific categories of volume. Third, **Agentic Curators** will emerge, using AI agents (LLMs with tools) to manage DeFi risk and strategies through reasoning, not just fixed algorithms, competing directly with human managers. Fourth, **short-form video** will become the dominant traffic and commerce gateway, with platforms blurring the lines between content and payment. Crypto is essential for enabling microtransactions and tracking complex revenue sharing. Fifth, **new AI Scaling Laws** will be driven by blockchain, as decentralized training and inference networks move from testing to production, offering verifiable, confidential computation and challenging centralized AI development. Sixth, **RWA (Real World Assets)** will achieve real-world adoption at scale. Tokenization will expand beyond stablecoins to assets like commodities, credit, and equities, upgrading global capital markets through on-chain transparency and DeFi composability. Finally, an **Agent-driven product renaissance** will begin, shifting the internet's core from apps we use to agents we converse with. These AI agents will manage complex on-chain tasks, filter information, and execute strategies, reducing friction and unlocking a new era of user empowerment.

Odaily星球日报12/11 05:36

A Brief History of the Encrypted Future: Seven Major Trends Reshaping the Industry Narrative in 2026

Odaily星球日报12/11 05:36

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