Fantoms?- the Death of DAOs and Possibly Crypto- What is next?
Dionysus would be proud to watch the scene unfold with Olympus DAO and the many forks that followed it, most of which, led investors to massive losses. Dionysus was the God of fertility, wine, partying, and religious ecstasy. This environment of seductive gains and dopamine fueled aping is what defined the Summer til End of the 2021 run. Many tithed gains to these protocols with zealotry not seen since the uni swap indoctrination and exodus to the church of airdrops in the defi summer of 2020.
Unfortunately, there were losses greater than assets and hodl’d bags. Trust has left the world of DAOs and Defi as a Service in a vast multitude of rug pulls, devaluations, unsustainable reward scheme implosions, and fake token sales. Regulation has never been more needed in the space and might just be the only thing that can keep crypto alive and trustworthy...ish. This problem has always been here in the wild west of blockchain tech but not as rampant. There is no crypto ethics task force or entity that governs or enforces a set of rules or regulations. The smart contracts govern these protocols whether true or nefarious authored usually by @anondevs or other ambiguous, veiled entities.
Hashrates are up, networks are seeing increased wallets, users, volumes and another solution is being developed every day, so why is crypto dying? What is the life source of Finance 2.0? Finance 1.0… We all have an income of some sort, active, passive, parasitic, etc. We have bills that come out of that income, and hopefully, have savings or some other investments to help when our bodies no longer can or want to work properly. This equation is affected by many things, the overall financial climate being one of the largest. Crypto is in trouble because the Economic system is in trouble. From both internal and external sources.
The IMF wants you to “own nothing and be happy about it”, while other countries want to see the entirety of the American Government and corrupt regimes wiped out. It’s surprising that most of the latter are Americans themselves. Or is it? The stock market and the ill trades the brokers of wall street have been running have caught up to them. and us. From the Roman denarius, we should have learned about the defacement of the value of the coins themselves, but we did not. Crypto has followed the stock market as of late due to the amount of trading that has been engaged in by the CBOE. Traditional investors doing traditional strategies align the markets as futures are manipulated for one strategy or another by large financial institutions.
There are some ways to ensure you are making the best data-driven decisions and placing trust where it is respected and returned. Fantomb finance explores ways to foster trust and develop an ecosystem that reflects these ethics. We will also cover other projects that align with our views or synergize with our ideas. Join us here on the official Fantomb. Finance Medium and on our other social media as we journey to a more trustworthy, physical asset-backed, community-governed, sustainable project.
