Tribalism in crypto is not the answer, say Yusko and Ippolito

Crypto benefits from “a heterogeneous mix of different cultures and ecosystems and opinions colliding with one another,” Ippolito says

article-image

Dragon Claws/Shutterstock modified by Blockworks

share

“If you weren’t in crypto, you might just assume that it’s one big homogenous group of weirdos,” says Mike Ippolito.

“And it’s not,” he says, “it’s a very heterogeneous group of weirdos.”

The best known “tribe” in all of crypto is the Bitcoin culture, which tends to be motivated by macro monetary themes, Ippolito explains. This “OG” group is followed in prominence by the Ethereum crowd, which consists of a very different architecture and consequently, very different adherents.

The examples demonstrate just two of the many different cultures within crypto culture, he explains on the On the Margin podcast (Spotify/Apple).

Ippolito’s “least charitable” description of Bitcoin loyalists is “a little doomer,” he says. 

“They’re the survivalists. They’re the anarchists. They’re the libertarians,” replies Morgan Creek Capital founder Mark Yusko. 

Bitcoin resembles the gold community in the traditional finance space, Ippolito says, in that they want to see “consequences for the actions, especially of what central banks have been doing for the last hundred years.” 

The Ethereum crowd, on the other hand, tends to leave concerns of macroeconomics and political machinations aside, instead focusing on crypto as a novel form of money with a vast array of potential applications in finance and beyond. 

The sole apparent answer for monetary issues in the world today — that the Federal Reserve “can buy all the assets and squirrel it away in this box” — is a source of deep frustration for gold and bitcoin bugs alike, Ippolito says.

“The extreme of that is like, ‘Burn it down,’” says Yusko. “I don’t like that.”

“I like normalcy,” Yusko says. “I don’t want anarchy.” He continues, “Do not bring back Mad Max. That’s not what we want.”

Competition is good

Ippolito responds, “I am glad that there are multiple different ecosystems in the same way that I am glad, despite having a bias living in the United States, I love the United States.”

“I think it’s the best country in the world, but I’m really glad that it’s not the only country in the world,” he says. “If [the US] was the only country in the world, then it would stop being the [US] that we love and cherish.”

Ippolito argues that it’s “a very good thing to have many different countries and perspectives and ways of viewing the world. Same thing applies to crypto.”

Ippolito says “competition is good,” noting that if only one homogenous point of view dominates a culture, “then no one challenges that point of view.”

“That’s what keeps you honest.”

“A heterogeneous mix of different cultures and ecosystems and opinions colliding with one another is much better,” he says, than binary arguments where people would say, “my culture is the best and I want everything to be like my culture.”

“The idea that homogenous outcomes are superior — it’s like bloodlines,” Yusko says. “If everybody comes from the same bloodline, bad things happen biologically and genetically.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

Plus, is Polymarket this cycle’s breakthrough mainstream app?

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.