The article reflects on the historical optimism surrounding communication technologies like the telegraph and the internet, contrasting it with the current state of decentralized finance (DeFi) and cryptocurrency. Despite initial hopes that technologies would empower individuals and enhance democracy, recent trends indicate a centralization of wealth, with insiders profiting at the expense of retail investors. High-profile scams, misleading token launches, and the exploitation of decentralized systems suggest that insider actions undermine the very principles crypto aimed to establish. The piece warns against hastily celebrating the successes of decentralized finance without critically assessing its impact on the average investor.

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