# @polynya: crypto repackages existing paradigms, corrupts good tech potential

Source: https://farcaster.xyz/polynya/0x381796b8

## Summary

The post argues that crypto repackages existing financial ideas under new names, such as ICOs for IPOs, NFTs for collectibles, prediction markets for betting, and DAOs for public companies, while stripping out safeguards and accountability. It adds that Terra Luna is an example of a long-failed idea promoted as innovation. The author says that behind these schemes lies good technology, such as governance-less digital protocols, whose potential has been obscured by corruption.

## Article

Cryptobros have a storied history of repackaging existing paradigms with new buzzwords, casinofying & ponzifying them, removing all safeguards, accountability and democratic structures; adding corruption instead, and shilling them to degenerates

IPOs > ICOs
Collectibles > NFTs
Betting > Prediction markets
Public companies > DAOs
And countless others, not to mention everything that has failed miserably centuries ago being shilled as some genius innovation, like Terra Luna

At least with memecoins there's no pretense, gotta give 'em that

The real shame is behind each brazen moneygrab there's always some good tech that has been corrupted to such a grotesque extent that we've forgotten about their potential, let alone realising said potential. ~Governanceless digital protocols are one such case.