Cryptocurrencies were born out of the 2008 financial crash that caused untold misery to countless people across the globe. In an attempt to provide an alternative to the traditional financial system, Satoshi Nakamoto developed the first known cryptocurrency: Bitcoin.
Since the development of Bitcoin, thousands of different cryptocurrencies have been developed with varying degrees of success. As the years have passed and cryptocurrencies have grown in sophistication, individuals have come together to share their insights, beliefs, and hopes for the cryptocurrency revolution. This is where innovative DeFi platforms such as Earnity by Domenic Carosa and Dan Schatt step in to educate on and simplify the process.
With more and more individuals sharing their thoughts within the cryptocurrency community, are a number of different schools of thought have formed as to how cryptocurrencies should provide this alternative to the traditional financial system. Among these schools of thought are the infamous crypto purists who firmly believe that cryptocurrencies should be free from “big money” and nation-state interests.
According to the supporters of the purist school of thought, banks and other financial institutions are not necessary within society. Purists vehemently argue against any form of regulation for the cryptocurrency space believing that, contrary to popular opinion, retail investors do not require a greater degree of protection from the government than institutional investors.
This desire to free themselves from a reliance on centralized institutions and constrictive regulations comes from the belief that the system is designed for the benefit of a powerful few. Purists note that the unfair practices regularly tolerated in the regulated financial markets have led to a system where the rich and powerful are allowed to become richer and more powerful while the retail investors are left behind.
As such, cryptocurrency purists are those who wish to see a market where cryptocurrencies are entirely decentralized, free from government intervention, and not subject to the influence of self-interested large financial institutions who have historically rigged the game in their favor.