Characteristics such as decentralization and freedom of access have allowed cryptocurrencies to emerge not only as alternatives, but also as competitors to legacy financial systems. Part of the reason why the industry has emerged so is the fact that there is a widespread perception that the traditional financial and banking systems are morally corrupt. However, Coin Metric’s Nic Carter had some interesting insights on the matter.
Carter, a partner at the venture capitalist firm Castle Island Ventures, is also the Co-founder of Coin Metrics, an open-source project that provides transparent and actionable crypto-asset network and market data. On a Twitter thread that evoked a diverse range of reactions, Carter said,
“However morally bankrupt you think the crypto industry is, I assure you, it’s far worse than you could have possibly imagined.”
Carter further tweeted,
“Crypto folks have a knack for railing against the legacy financial system and then creating infinitely more exploitative and corrupt versions of those same systems.”
According to Carter, this cynicism isn’t new-found. He claimed to have always felt this way, stating that a “methodical survey of 50 projects”, where he graded their transparency and investor protections, was when the realization first struck him.
Nic Carter’s perspective on the current state of the cryptocurrency market is in sharp contrast to the many who advocate the industry’s positives. In fact, for someone actively working in the crypto-asset industry, Carter’s views are more in line with cryptocurrency skeptic Nouriel Roubini.
Carter even went on to defend Roubini, tweeting that “he did not blame Nouriel for writing off all of crypto as a scam”. The Coin Metrics Co-founder continued,
“I don’t blame people like Nouriel who write off all of crypto as a scam, that is a truncated version of the truth. Bitcoin blew the overton window wide open, so wide that people dared to believe that they could seize the right of seignorage from the gods (central banks)”
According to Nic Carter, the emergence of Bitcoin and the later altcoins, expanded the window of financial and political discourse, allowing many to seize powers, such as the issuance of currency, from financial institutions, despite being in no way prepared for the same. His tweet storm continued,
“That realization – the gods are not infallible. good lord, we can be the issuers of currency. we can depose those decadent gods on mt olympus and install ourselves in their stead. that realization led to the worst orgy of excess imaginable. and it still hasn’t unwound.”
Carter’s views received a host of diverse reactions online, with many asking him to compare it with traditional finance. Carter unequivocally commented that crypto was worse and a “catnip for charlatans”.
BlockTower Capital’s Ari Paul agreed with Nic Carter’s views, tweeting that crypto was much worse and “indisputable in terms of ratio of the value to fraud”.
The post Coin Metrics’ Nic Carter says crypto is a frontier industry and catnip for charlatans appeared first on AMBCrypto.