ERROL PARKER | Editor-at-large | Contact

“But it’s so transparent and free,” he said.

There was a pause.

It was late and Michael Rust, a Betoota Grove private asset manager was tired.

“Who gives a shit? And why would we want that? So governments and poor people can see what we’re doing? So the financial systems around the world become fairer? Who in their right mind would want that?”

“Poor people want job security and the promise of a brighter future. That’s it. Blockchain is the Pokemon of the 2010s. It’s a passing fad.”

Another pause.

“I guess you’re right, Mike.”

Speaking to The Advocate this morning, the 55-year-old said he’s sick of his clients ringing up to discuss cryptocurrency and ‘whatever the blockchain is’.

While Rust admitted he doesn’t fully understand or care what blockchain is, that doesn’t mean he needs to do his research.

“I’ve had people try and explain it to me a few times and it sounds stupid. If it doesn’t benefit rich people then it won’t catch on. If the current system of hiding money or making transactions through shelf companies isn’t broken, then why fix it?”

“Fuck me, I hate young people! You should hear them all. Well, I’m sick of it!”

“The blockchain or whatever it is will be replaced by something that makes sense to the layperson. Because if they think they understand it, they can be exploited. Just like our current system. They stay poor and my clients and I stay rich. Simple.”

The Advocate reached out to a number of known local crypto enthusiasts but all of them had since woken up to themselves and got a CommSec trading account like a grown up.

More to come.