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Don't remind me again today

AngelList's founding team member and former chief exec dropped an interesting take recently. His argument? The world's money system took a hard turn back in 1971 - shifting away from gold-backed currency toward government-issued fiat. That pivot, in his view, moved us from what he calls 'natural money' into 'socialist money' territory.



But here's where it gets spicy: he sees crypto as the technological breakthrough that could flip the script entirely. Not just another payment method or speculative asset - but the actual infrastructure to build a genuinely free-market monetary system. The kind where market forces, not central authorities, call the shots on value and supply.

It's a bold claim that cuts to the heart of why some folks are so bullish on digital currencies beyond just price pumps. The thesis isn't about getting rich quick - it's about fundamentally rewiring how money works at a system level. Whether that vision actually plays out? That's the multi-trillion dollar question markets are still trying to answer.
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SignatureLiquidatorvip
· 20h ago
The operations in 1971 were indeed a turning point, but the term "socialist currency" is a bit... exaggerated, right? Haha Those who really have faith in the essence of encryption are not looking to get rich quickly; they genuinely want to break this trap of centralization, and I respect that logic. Whether the market can ultimately accept a decentralized free market currency system... that is the real test; just shouting slogans is useless. That being said, a free market sounds great, but is it really feasible with no regulation at all...?
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GhostInTheChainvip
· 20h ago
That moment in 1971 really changed everything. Since then, we've been playing the Central Bank's game... isn't crypto just about taking back the power of discourse? The term "free market currency system" sounds very attractive, but can it really be realized... why does it still feel like a dream? Decentralization has been talked about for so many years, and now it's still just a bunch of retail investors trading, while the institutions are the market makers. Natural money vs socialist money, this framework is quite interesting... but encryption has also been monopolized by the rich. System-level rewriting? Let's get the security sorted out before bragging, otherwise it's still just a tool to play people for suckers. This guy is right, but what the crypto world really wants is to turn the tables and become landlords, not some free market. It's a multi-trillion issue... it just depends on who can survive until that day.
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ThatsNotARugPullvip
· 20h ago
That thing in 1971 really changed the whole game, but calling fiat "socialist money" is indeed a bit bold, haha. Can crypto make a comeback? I really want to see how it transforms from a speculative asset into a true monetary infrastructure; that road still needs to be traveled. Decentralized power can just be released? Just listen to it; reality is not that simple, brother.
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NotSatoshivip
· 20h ago
The operations in 1971 really changed something... but the term "socialist currency" feels a bit harsh, it seems to be creating ideological opposition. Can crypto really eliminate Central Banks? I think that's still too optimistic; in reality, governments around the world won't behave so nicely. Decentralization sounds appealing, but can a truly free market currency system be realized? Price speculation and genuine institutional innovation are two different things; let's not place the retail investor's dream of wealth freedom here. There is a valid point that the financial system does need reform, but what to use for reform and how to reform it is still far from a conclusion. However, to be fair, these bold hypotheses are definitely more interesting than sticking to the outdated logic of the dollar Central Bank. ---
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