> We strongly disagree with the narrative — peddled by those with a financial stake in the crypto-asset industry — that these technologies represent a positive financial innovation...
This is a little bit unfair. When I became convinced that cryptocurrencies represented a positive financial innovation I immediately went out and bought some. Obviously the more potential someone sees the more they will be involved. This is a legitimate never-before-in-history situation. It was impossible to get an asset with the mix of properties crypto has before around 2010. This is an exciting era.
> “Obviously the more potential someone sees the more they will be involved”
This sentence summarizes why crypto is so peculiar. It’s all about belief in some potential, not utility or returns. And you’re supposed to get “involved”.
When you buy a stock or a bond or a derivative or a currency hedge, it doesn’t usually become a way of life. But crypto isn’t a practical financial product so much as a club membership. Bored Apes figured this out and took out the financial pretense completely.
People can (and have) said the same thing about gold for thousands of years. The evidence is in, cryptocurrency is some sort of asset. It is unclear how big the crypto market is, but at this point it seems a safe bet after the last decade that there there is enough interest to sustain a billion dollar market in cryptocurrency even under the most pessimistic of scenarios. It is probably going to be quite a bit bigger.
The next real question is how to value it. That'll take a recession to figure out by clearing out the scams, but it'll become clear in time.
Yes, he certainly escalated to mournful self pity and casting himself as the victim then pivoted to shilling quite quickly, I agree. Of course you can critique: that's exactly what you and I are both doing right now. You don't have to ask me for permission.
This is a little bit unfair. When I became convinced that cryptocurrencies represented a positive financial innovation I immediately went out and bought some. Obviously the more potential someone sees the more they will be involved. This is a legitimate never-before-in-history situation. It was impossible to get an asset with the mix of properties crypto has before around 2010. This is an exciting era.