>But right now, you have people, mostly younger, thinking they know how to build a better world by starting over from scratch. In programming, we've all seen (and been) the engineer who sees an old codebase for the first time and thinks they could do a better job with a full rewrite. We know that rarely works. And yet somehow many of those same engineers think they can do the same with a global financial system that's been in existence for centuries.

How is this any different than the people who are trying to write a whole social media/communications infrastructure from scratch (ie. fediverse), which turns out to be mostly the same as incumbents but worse? There's even an example of "[new system] is speedrunning the history of [old system]", which the recent debacle on mastodon where people were complaining about unfair/arbitrary bans and name impersonation, both of which are well known problems that centralized platforms ran into and they attempted to put a lid on.

It's not different at all. Were you expecting me to disagree? That's exactly the point I'm making.