Thread by @dkcrypto13

I am getting to a point where I cannot take #crypto haters seriously anymore:

- Coins with governance and revenue rights to a smart contracts aren’t scams. They are decentralized ownership aka equity
- It may seem absurd to have a start up valued at $100m fully-diluted but…

… that’s the point - “fully” diluted implies there will not be future (stock) issuance, so this number compares to maybe 5m$ valuation of a classic equity start up that will raise multiple rounds issuing new stock in the future
- #tether was not backed in 2017 and…

… very clearly was a criminal enterprise then. If only just for money laundering rules. But that should/will hit the people in charge. Pretending “tether isn’t backed” today and misinterpreting every other print because it fits your narrative is just dumb. Are they…

…backed with cash? No. Did they produce an audit for 2017? No (and never will). But they have a very detailed report signed by an auditor that shows they are clearly backed. Maybe you do not like what they are backed with - that’s ok. I’d never use them either. However…

… it is abundantly clear from reports signed by auditors that today, $USDT holds assets in the value of its market cap and it is absolutely crystal clear $USDC always did. The latter look fine in terms of risk IMO too. You may not like it but it’s true
- Crypto is totally…

… ESG compliant. First - ESG is easily the biggest investment scam since Madoff, but even if you believe the 5000 different rankings that include weapons manufacturers and tobacco firms, there are a lot of proof of stake chains that take care of the ‘E’ problem and…

… if you can’t see the value in the ‘S’ category for people in Turkey or Venezuela who can buy a much more stable asset (hey, maybe even a stablecoin, huh?) without their government preventing them then you’re just ignorant
- I fully agree that there have been way too…

… many scams in the space and that is still ongoing and deserves to be called out. I do frequently. But I do not think regulators should apply a 1960s law to a decentralized organization and if they do it won’t work as evidenced today. Work with the industry and find a way…

… to realistically incorporate all (yes that means KYC too) current standards in the activity and we’ll get somewhere. Blanket bans will just move innovation elsewhere.
- and since I am on the topic, yes, there is true and meaningful innovation happening across the space…

… it’s actually mind-blowing how much. Just a few: truly global organizations that do not live anywhere and have truly global teams with fully valid ownership rights, Banks are a middle man I have not used for most of my activity for a year now, NFTs do and will…

… represent ownership of real assets like houses, art, land and others and make exchanging them frictionless and cut costs. Maybe the biggest improvement: on web3 we will own our data. The universal logon is no longer owned by google. You can choose who to share what data with…

… and you won’t need to register anew with every new online shop, nor will you need to give your credit card data to an institution that gets hacked for them to charge it. It will truly be amazing.
There are countless other innovations happening from second-wise interest accrual

to running entire applications without a central server. Like it or not, #crypto is THE innovation engine of the world by now and it sucks in huge amounts of talent.

So yes, I’d call on the entire industry to embrace discussions with regulators and to call out scams actively…

… none of us that love this space want people to get scammed and none of us want Ripple execs to get away with it.

At the same time we can be adamant that current regulations aren’t adequate and need to be adapted to work with a decentralized web, because the latter is coming.

Can’t wait for the “but tether isn’t backed today they just have chinese CP and also here is an offer totally separate from the actual stablecoin that shows circle has products that use usdc that have crypto backing” replies.

<Mutes thread>