Directionally Right But Still Wrong.

RM argues that crypto's core ideas are directionally right but have been articulated differently than early advocates expected, with people adopting pieces of the stack and building new experiences around them. Citing a 2014 experience in Hong Kong and a 2016 stay in Shanghai, RM describes how users who skipped earlier technology stages leapfrogged to new outcomes, comparing this to WeChat's mini-apps and QR-code payments. RM says DeFi activity has concentrated in products like new casinos and memecoins, which RM compares to e-sports, and says Stripe's embrace of stablecoins reflects a similar pattern. The text concludes that progress will come through fragmentation and specialization rather than holistic improvement.