Staring into the Abyss

The author, a crypto insider writing after Polynya's departure from the industry, argues that crypto has achieved little of its original goals while giving people room to display a lack of decency, citing fascist memecoins on Solana as one symptom. The essay contends that code cannot replace social norms and institutions, using the Mango Market hacker, who was jailed by state force rather than by community condemnation, as an example. It also argues that crypto conferences rarely engage with the local cultures of their host cities, and it ends by saying the author will keep working in the industry while encouraging conversations about values.