DAOs need their “Silk Road” moment.
Will be good to establish baseline expectations for the naïvely optimistic, as well as the ignorant.
Every new technology faces a reckoning, when society begins to understand its potential danger.
Will be good to establish baseline expectations for the naïvely optimistic, as well as the ignorant.
Every new technology faces a reckoning, when society begins to understand its potential danger.
https://twitter.com/astralwave/status/1458886678731534343
Before COVID, it was easy to be laissez-faire about gain of function research.
Before Hiroshima & Nagasaki, the atomic bomb.
Before Chernobyl, nuclear power.
Before Tahrir Square, social media.
Before Silk Road, Bitcoin.
Before BitConnect, ICOs.
Before Hiroshima & Nagasaki, the atomic bomb.
Before Chernobyl, nuclear power.
Before Tahrir Square, social media.
Before Silk Road, Bitcoin.
Before BitConnect, ICOs.
When people dismiss the hype around “web3” (NFTs, DAOs, DeFi), they’re dismissing technologies that don’t yet have their Silk Road moment
This is rational behavior
Once the other edge of the sword becomes apparent, markets usually correct & technologies go into a long “winter”
This is rational behavior
Once the other edge of the sword becomes apparent, markets usually correct & technologies go into a long “winter”
It doesn’t mean they are:
non-believers
don’t see the benefit of the tech
aren’t interested in a world with this tech
etc.
non-believers
don’t see the benefit of the tech
aren’t interested in a world with this tech
etc.
There is always plenty of time to adopt the tech after its downsides are known.
It was better to start a Internet company from 2005-2015 than in 1995-2000.
Controversial opinion, but I believe it will be better to build on web3 after its silk road moment.
It was better to start a Internet company from 2005-2015 than in 1995-2000.
Controversial opinion, but I believe it will be better to build on web3 after its silk road moment.
We don’t know how long the “winter” will be after the tech’s Silk Road moment.
It’s irrational (hindsight bias + survivorship bias) to point to surviving companies.
Amazon survived the dotcom bust, but Amazon could very well have started in 2004 like Facebook did.
It’s irrational (hindsight bias + survivorship bias) to point to surviving companies.
Amazon survived the dotcom bust, but Amazon could very well have started in 2004 like Facebook did.
We still don’t know when the “winter” for nuclear power will end and when the tech will start getting adopted again, for instance.
It might be that web3 will never see wider adoption, and will go the way of the Semantic Web or Second Life.
It might be that web3 will never see wider adoption, and will go the way of the Semantic Web or Second Life.
But of course, this goes without saying that the irrationality and hype is also helpful.
Without irrational exuberance, we will not make progress, because the Silk Road moment won’t arrive.
“I am become death, destroyer of worlds” – words to remember as you build on web3.
Without irrational exuberance, we will not make progress, because the Silk Road moment won’t arrive.
“I am become death, destroyer of worlds” – words to remember as you build on web3.
Bull and bear market cycles in crypto are really driven by these underlying dynamics.
ICO scams led to the end of the last crypto boom. Terrorist DAOs or large-scale NFT grifts will likely precipitate the end of this cycle.
ICO scams led to the end of the last crypto boom. Terrorist DAOs or large-scale NFT grifts will likely precipitate the end of this cycle.
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