Read_680 - Green Eggs and Ham, Part 2 [Farrington & Big Al]

"We believe the core of the cultural fissure between crypto and bitcoin comes down to financialization. While the ethos of bitcoin is to definancialize, the ethos of crypto is to financialize. We repeat our characterization of this tendency from above: DeFi engages in arbitrary and automatable combinations of seigniorage, securitization, rehypothecation, and leverage. It is the purest form of financialization ever conceived: the financialization of ... nothing at all." - Allen Farrington, & Anders Larson Part 2 of the epic piece from Big Al and Allen Farrington on the conceptual, technical, and cultural failures of DeFi, and why it is, in fact, neither "decentralized," nor "finance." Another incredible piece for making some sense out of the insanity of crypto, especially in the wake of the FTX fraud. If you haven't yet listened to Part 1, do so before digging into the second half or you may be a little lost... but hey that's just me. You do you: https://open.spotify.com/episode/2Zf1kcS8lnrgiaMBKcs2BQ?si=d769841b092d4331 Boost Bitcoin Audible on Fountain to get the best Bitcoin podcast to the top of the leaderboards Don't forget to check out our amazing sponsors: • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 10% off everything in the store until Christmas! (guyswann.com/coldcard) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 5,000 FREE SATS at (guyswann.com/fold) • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) --------------------------------- Learn more about your ad choices. Visit megaphone.fm/adchoices --- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message