11) There have always been rumblings of worry about yield farming, which makes sense.
So the rest of this post isn't about yield farming.
It's about everything else in crypto.
12) The weird thing, I think was that at peak yield, even as people started to worry about it--
--everyone was still bullish on everything but yield farming.
Bullish on BTC, and ETH, and DeFi, and crypto.
Not just long term--also short term.
13) No one was posting that they were short anything large in crypto.
And more, there was strong virtue signalling that it was *good* to be bullish DeFi and *bad* to be bearish.
14) Sure, some were bearish on $PICKLE.
But very few thought the same of DeFi.
Which is weird: because the rest of DeFi was up, too, a lot.
And it was up _because_ of yield farming.
15) $ETH was up a lot because yield farming: you had to buy ETH, and stake it, to farm.
So were $CRV, $LINK, $COMP, $BAL, $LEND, $YFI, $UNI ...
Everything, really, at least everything in DeFi.
Oh, and $BTC, too, from wBTC.
17) There was this weird agreement:
that vaporware doubled DeFi.
And that the vaporware was going to crash, and that maybe it was *morally bad*.
But that the sector's gains from it were real and permanent and *morally good* and a sign of the strength of the community.
18) "Smart money" was decrying the yield farming bubble and running from it.
The same people were going head over heels into the blue-chip rally it had created.
There were no bears until things crashed.
19) It was reminiscent of...
...well, everyone knows where this sentence is going.
I remember a high school classmate's post on Facebook: "sure bitconnect might be a scam, but c'mon, look at that graph. I'm up 5000%; you missed it."
20) And smart money was like "lol have fun when the scam crashes, we're going to go buy BTC and ETH and EOS and XRP and NEO and FIL".
Which, then, also crashed.
25) And it's sad, and unfortunate, that not everything's great. Sometimes things are underrated, sometimes they're overhyped.
But it is what it is, and I don't think it's morally bad to say so, or morally good to pretend otherwise.
