Crypto's Critics Seem to Be Getting Nervous

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 18 August 2024

⏱️ 18 minutes

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Summary

NLW notes that crypto critics have increased the rate at which their published op-eds -- perhaps a sign of the industry's rapid mainstreaming? Featuring a reading and discussion of: https://www.nytimes.com/2024/08/01/opinion/crypto-trump.html https://www.nytimes.com/2024/08/09/opinion/crypto-2024-election.html https://bettermarkets.org/newsroom/ft-op-ed-kamala-harris-should-not-cave-to-overtures-from-the-crypto-crowd/ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.3	What's going on, guys? It is Sunday, August 18th, and that means it's time for Long Read Sunday.
0:24.1	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,
0:27.8	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:31.3	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:35.1	slash breakdown pod. All right, friends, well, for today's
0:38.4	long read, I am going to absolutely infuriate you. I am going to read, or rather I'm going to have
0:44.1	AI read, because my brain will explode if I do it myself, three recent essays. All of these are from the
0:49.8	last couple of weeks. The first is from Paul Krugman and is called How 2024 became a Crypto Election.
0:56.5	Like I said, these are going to infuriate you, but they will give you a picture into how the
1:01.2	opponents of this industry are trying to position and frame things, and we're going to talk about
1:05.5	why this may be a better sign than you think. So again, we're going to start with Paul Krugman's
1:10.4	How 2024 became a Crypto Election from August 1st of this year. I didn't anticipate the political
1:16.8	twists and turns of the past few weeks, but then, who did? One thing I do blame myself for not
1:21.5	seeing coming, however, is the extent to which this has become a crypto election. Six years ago,
1:26.1	I argued that Bitcoin and other cryptocurrencies served
1:28.5	no useful purpose, that their market value rested on nothing but techno-babel and libertarian Durp.
1:34.4	I stand by that judgment, which has actually been reinforced by the passage of time. But I didn't
1:39.3	foresee how big a deal crypto would nonetheless become, not because it would fulfill its promise
1:43.5	of replacing conventional money, which it hasn't and never will, not because it would fulfill its promise of replacing conventional
1:44.5	money, which it hasn't and never will, but because it has become a powerful force that is,
	...

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