For years, large crypto-based companies have been living on a huge hype machine. Whenever folks tried to understand where exactly any value was being created it always came down to one thing.

You reach the point of saying, “That sounds like a total scam in these ways!” The response to this was always, “You just don’t understand this, it’s very complicated and incredibly smart people can see what’s going on. Just look at how much this coin1 is trading for!” Then you have to decide for yourself:

  • Am I smart enough to understand this?
  • The social proof is so significant, I may not understand this, or;
  • I believe the social proof above my own understanding, and I’m getting on board.

I am hear to tell you that the first choice was always right, regardless of the incredibly wealthy people who decided to put significant, personal financial interest into convincing you that the second or third option were correct.

It’s just that now, it seems everyone is finally coming around to seeing they were duped.

Unbelievable that FTX and Binance are valued on the basis of crypto assets they created with absolutely no use other than a speculative circle jerk.

  1. There’s always some *coin, and it is always traded, and it’s value is always supposed to be something other than trading for the coin, but no one can ever really tell you what that is. ↩︎