I think this is a fair perspective but it does ignore the fact that if/when you have Internet money that works, it inductively leads to many additional conseque

I think this is a fair perspective but it does ignore the fact that if/when you have Internet money that works, it inductively leads to many additional consequences that inevitably will be attempted, such as building a parallel financial system on top of it. I think these are all in-flight and do tie back to the original thesis, but time will tell what sticks. I will say FTX is largely unrelated to the tech track of crypto, it’s just an example of an unregulated bank gambling with customer funds. Centralized exchanges for crypto certainly should be subject to the same regulatory regime as banks, especially as people begin to hold more and more crypto in their portfolios.