full written piece: kyla.substack.com/p/the-polarization-of-crypto-nar…

DISCLAIMER: I am invested in crypto. I like crypto a lot! However, I try my best to be impartial in all my work. None of the below is meant to be definitive “ah yes, Bad Thing” or “ah yes, Good Thing” just an objective analysis around a very dynamic subject.

00:00 - Intro
00:50 - Crypto Narrative Problem
03:31 - Narratives
05:15 - Delineation of Narratives
05:42 - Crypto Bad
08:37 - Crypto Good
12:24 - Interpretation of Narrative
13:15 - Narrative in Action
16:05 - Other Influences
17:33 - The Narrative Summarized
20:01 - Final Thoughts

Line Go Up:    • Line Goes Up – The Problem With NFTs  

Crypto Bad vs Crypto Good
Crypto Bad
Hyperfinancialization and commodification of everything
Scams/ponzis
Speculation
Ingroup vs outgroup
Environmentally Destructive

Crypto Good
Creating ownership
Market calibration/policy
Financial upside
Community
Environmentally life-changing (amplified by FOMO)

Crypto isn’t interpreted as “true wealth” right now - it is seen as a function of ponzis, scam, exploits, etc. It takes time for things to work, for systems to calibrate - but what Line Goes Up did really well was distill the different narratives around the perception of the crypto ecosystem.

I think Line Go Up and crypto are kind of talking about the same stuff - saying the same things, but differently - Dan outlines unhappiness with the System in his video - that’s also what crypto is all about. Towards the end of the piece, he talks about opportunities shrinking, about isolation, about the future seeming to disappear before our very eyes - underscoring that crypto is not the answer here. But this is also what crypto talks about - making a better System.

Markets are both qualitative and quantitative. Markets are somewhat reflections of the world that we want to see - we invest in companies that we hope will Do Good For The World (most of the time...)

Both inside and outside crypto, there is clear unhappiness with how the world is moving forward. The fact that we are reverting back to coal production, the fact that we still have issues with worker’s rights, that we simply can’t wrap our minds here in the U.S. around how to have healthcare - it’s kinda like - why is the world like this?

We have two groups that actually have relatively similar goals (crypto bad and crypto good), but different interpretations of the narratives (and tech, process, etc) that it takes to get there.

Both crypto skeptics and crypto enthusiasts have valid points - maybe hyperfinancialization to the point where we are paying to unlock our coffee machine is not good.

But having an idea for how we can build a better future that allows for access, opportunity, and benefitting from previously very gatekept systems - is pretty good. It’s just about how it’s perceived - and ultimately, how it’s implemented.

Humans are gonna human at the end of the day - and a lot of the narrative is around that. We are always not going to get along to a certain extent. But I think these two seemingly polarized groups - those that resonated with Dan Olson’s video and more, and those that are deep within the crypto ecosystem, have more in common than they might think - and I think there is room for some reconciliation - which would be very valuable to beginning to build the better future that both seem to want.


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