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The Old Guard Steps Down

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The Old Guard Steps Down

When the nay-sayers leave, the crypto optimists take their place.

Ryan Sean Adams
Dec 4, 2021
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The Old Guard Steps Down

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Dear Bankless Nation,

All revolutionary movements have an “Old Guard” that stands in their way. Whether they are positioned to gain from existing systems or skeptical of progress, there are always those that are unwilling to accept new ideas.

Earlier this week, a member of the old guard stepped down.

Jack Dorsey resigned as Twitter’s CEO.

Twitter avatar for @jack
jack⚡️ @jack
not sure anyone has heard but, I resigned from Twitter
Image
3:48 PM ∙ Nov 29, 2021
311,471Likes67,680Retweets

Let me be clear here, I am not throwing shade at Jack Dorsey, the entrepreneur. Jack has been integral in building one of the most popular social media platforms in the world. The one that the crypto community heavily relies on. Thank you for all your hard work, Jack. Good luck with your future endeavors.

However, I am questioning Jack’s decision to spread misinformation about Ethereum while his team continues to integrate Ethereum without him.

It’s funny… the new guy seems to be much more Web3 friendly.

Here’s another example from the old guard, this time a stock market billionaire:

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them." Charlie Munger said this. Imagine fearing freedom this much. Billionaire institutionalists are so out of touch its scary.
6:12 PM ∙ Dec 3, 2021
165Likes11Retweets

Charlie Munger says the U.S. should go the way of China and “simply ban” cryptocurrency.

Unbelievable. The guy who earned his billions on free-market principles wants to ban a freely available asset class. Or maybe that’s just your $44.7 billion worth of Bank of America stock talking Charlie?

“Throwing Down the Ladder By Which They Rose” is a famous political critique of Irish and German U.S. immigrants blocking the way for the next generation of U.S. immigrants. Idk why but feels like similar energy.

The reality is, crypto is here to stay and there’s nothing they can do to stop it. Ethereum has already surpassed every bank’s market cap including Charlie’s much loved Bank of America and WellsFargo assets, and it’s just getting started.

Twitter avatar for @thekriskay
Kris Kay | 🍩 DeFi Donut @thekriskay
So $ETH has surpassed every global bank’s market cap… and you’re “still not sure” if this whole blockchain / crypto thing is here to stay? 🤨
Image
8:19 PM ∙ Dec 1, 2021
567Likes134Retweets

Instead of dismissing crypto as “even crazier than the dot-com era” maybe tuck in and try to understand it. Or don’t. Crypto will be fine either way.

This is the new stock market, Charlie.

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
Crypto is the new stock market. It's the new bond market. It's the new commodity market. It's the new market for EVERYTHING. Including things that've never had a market previously. Bankers & billionaires either make room or get run over. Crypto is here.
9:18 PM ∙ Dec 3, 2021
75Likes10Retweets

As the old guard rotates out and the new guard rotates in (watch our Bankless episodes with Chris Giancarlo and Hester Peirce), crypto will continue its parabolic rise to mainstream adoption.

It’ll be volatile. There’ll be ups and downs. Fortunes will be made and lost. But the frontier is looking more settled than ever.

Here’s what’s slated for next week:

  • Podcast episode with Kevin Rose Web2 OG and partner at True Ventures

  • Learn how DeFi creates real-world impact

  • We do a CRV token Analysis, TradFi style!

See you next week.

- RSA

P.S. Have you been listening to our new Overpriced JPEGs show? Level up on NFTs 🔥


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Recap for the week of November 30th, 2021


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✨ See all listings on the Bankless Job Board✨

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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The Old Guard Steps Down

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4 Comments
Laramie
Writes Coming Crypto Battle Lines
Dec 4, 2021

Good article. This is essentially Andreas Antonopolous's point about the inevitability of crypto, recast with specifics. Years back, he said something like 'imagine we're 20 years in the future, when all of the 50-year old boomers are now past their investing prime, and all of today's 12-year olds -- to whom in-game currency is second nature -- have just started to hit their investing stride. Then, tell me that Bitcoin won't succeed.'

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Deepak
Dec 6, 2021

Hey Bankless Team,

I just subscribed and don't know where to start. Any pointers please?

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