What kind of intellectual bubble are these people living in?
People's line of thinking: "the thing that will save us from the last leveraged bubble will be a new type of leverage."
How quickly did people transition from: "ETH will allow decentralized AirBNB " to "ETH will be a decentralized too-big-to-fail bank". What a joke, seriously. I suspect that there are too many people balls deep in this stuff, career wise, to gracefully admit their own silliness.
People will timidly follow stuff other people say because it's shrouded in complexity. It's probably BS.
If you want to humble anyone in this space, ask them what they've learned from the bear market. If they cant give you a good answer it's because they haven't been fired yet.
If you want to humble anyone in this space, ask them what they've learned from the bear market. If they cant give you a good answer it's because they haven't been fired yet.
Herein lies the problem with the institutionalization of crypto: as more people stake their careers on the asset, it invariably leads them to mindless behaviors that Buffett describes as the "institutional imperative." 
Also, there is currently no "natural demand" (i.e. non speculative demand) for ETH. Pop quiz: if I amputate two toes, how much will the price of my other toenails increase?
Society has a responsibility to deride this level of stupidity.
11 years ago, pre-crisis, many pointed out how oversized the financial sector was as a part of the economy.
ETH ppl, today: lets make finance a majority component of our new economy.
11 years ago, pre-crisis, many pointed out how oversized the financial sector was as a part of the economy.
ETH ppl, today: lets make finance a majority component of our new economy.
To build a real economy you must first produce a set of desirable goods.
The purpose of finance, the function, is to more effectively aggregate, allocate, and facilitate capital to develop those goods.
Show me the goods.
The purpose of finance, the function, is to more effectively aggregate, allocate, and facilitate capital to develop those goods.
Show me the goods.
