They're planning to swap intermediaries, because in doing so the VCs can capture enormous value from the old guard. Meet the new boss, same as the old boss. Ins

They're planning to swap intermediaries, because in doing so the VCs can capture enormous value from the old guard. Meet the new boss, same as the old boss. Instead of Jamie Dimon, it'll just be the next Zuckerberg (and when you propose a contentious theory about an emergent pandemic, they'll merely censor your ability to pay your bills, buy things and feed your family). It's worth noting though, that just because there are intermediaries, that obviously doesn't mean they're all the same. It doesn't mean their attributes are the same. One intermediary can be superior (or worse) than another. All successful, large scale approaches to crypto will always require intermediaries. DeFi is a fantasy, identical to the fantasy of decentralized Internet services in general from the past 10-20 years (real DeFi will languish for exactly the same reasons; the reasons for which the evangelists never seem to understand, because their emotional buy-in clouds their judgment). Part of that script by A16Z is entirely fake of course. They're inserting rather comical wokeness into it (communities, collectively, economic redistribution, har har), because you have to do that with all corporate PR now. Their goal is merely to establish the next banking & finance kingpins and to mint as many billions of dollars as they can in the process.