Cryptoization and thoughts from the IMF - Part 1
If you've not heard of Andrea Antonopoulos then you might be new to crypto and blockchain as he's been speaking about it for years. He is an acclaimed speaker in this space and recently held a panel chat with his Speaking of Bitcoin podcast to discuss the recent IMF blogs and papers denouncing crypto.
Check out this first video here
Below we highlight a few interesting quotes from this talk:
“Always incumbent on the incumbents to try to vilify the new”
On Cryptioization - how the news and music industry vilified digital formats of their traditional services. Trying to scapegoat the new innovations.
“The collapse in demand for our delicious rat kebabs and squirrel that we’re selling in the park is cause directly from the opening of a steak house that offers delicious steak”
On the alternatives to mandated solutions from governments where it sounds like they’re saying things would go great only if you choose our traditional monetary options -
“It may just be 1 tiny straw but the camels back was robust up until that moment”
On the irony that the claim that something speculative but only the size of 1% of the economy could bring down the whole economy and how it’s an indictment on the entire system
“They picked the metric that has the best value for them”
On the topic of risk adjusted returns and bitcoin returning +90% over the last year versus +18% for the S&P 500 but bitcoin having more volatility.
“As the captain said the presence of sufficient lifeboats on the ship will reduce the tolerance for iceberg related mishaps amongst the passengers leading them to think that orange painted cruise ships are much safer than our own cruise ships”
On the resistance of alternatives from central banks on crypto and that having services that offers citizens an alternative to the traditional choice (e.g. more government stimulus and quantitative easing) will be more harmful for central banks. They discuss further how the alternative that people are flocking to is like arguing against a better product than the on the traditional monetary system already creates