After declaring his resignation from the Defi and crypto space last month, Andre Cronje, a former Fantom Foundation technical adviser and founder of Yearn. finance returned on Monday via Medium. Cronje lamented the rise and collapse of crypto culture in an article titled “The Rise and Fall of Crypto Culture,” calling for more regulation and law in the industry.
Andre Cronje and his colleague Anton Nell did not provide any additional information about their personal reasons when they tweeted about the destiny of all the applications and services they had constructed. On March 6, they even decided to deactivate their Twitter accounts. Cronje’s statements now lead readers to believe that these two partners were going through an ethical crisis. The first and last refrains, “Crypto is no longer in use. Crypto is alive and well “illustrates his conflicted feelings about the future of cryptocurrency.
Cronje has a “disdain” for crypto culture but a “passion” for the crypto ethos. He added that the culture has suppressed the ideas of “self-sovereign rights, self-custody, and self-empowerment” because it values “money, entitlement, enrichment, and ego.” He also cautioned that if the culture continues on its current course, it will descend into the “badlands,” a region where “unknown wallets lurk in the shadows.”
His proposed remedy for the blockchain economy’s “new age” is regulation. Cronje feels that law is the greatest method to prevent the crypto community from poking its fingers into an electric outlet, analogizing it to a parent wanting to protect his or her child. “One day they will comprehend,” he added, “but not today.”
Cronje ended his essay on a more upbeat note, expressing his enthusiasm for a future that is “driven by trust, not trustlessness” or greed. He said he’d “gone full circle,” implying that he’d returned to the location. Cronje currently runs SegWit Holdings an investment banking platform.
Cronje’s Twitter followers, on the other hand, were less than enthusiastic. Cronje’s actions are ironic, as users like “@IAMLLUCIANA” and “0xCana” point out, as someone who made his fortune from bitcoin and then allegedly turned his back on it.
Also Read: Andre Cronje, a well-known Defi Developer, has Decided to Step Down
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