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SBF
@SBF_FTX
Replying to
@SBF_FTX
5) In addition, there's some sense than one is "better" than the other. Sometimes "better" means "will make money", "is smart", or "I enjoy". But it also means "morally better". There's a fairly strong sense in the crypto community that it's morally better to be a bull.
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SBF
@SBF_FTX
6) You can see this in a lot of places, but really you should have always expected it, I guess. When it comes to "generally bullish about BTC, and ETH, and idk new things if they're good", it's mostly uncontroversial. That's sort of what it means to be in crypto.
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SBF
@SBF_FTX
7) But recently there's been some tension in the community. Is it good or bad to be bullish about yield farming? The divide isn't about making money, it's about being right.
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SBF
@SBF_FTX
8) First off -- I think it's a complicated topic and there are good arguments either way.
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SBF
@SBF_FTX
9) Pro: yield farming is: a) a way for the community to have a stake in the ecosystem b) economically reasonable: billions of $ worth of coins dropped c) igniting excitement in DeFi d) fair
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SBF
@SBF_FTX
10) Con: yield farming is: a) unfair to builders and too generous to whales b) economically crazy, APY shouldn't get above 30% or so c) terrible PR, like the ICO boom d) distracting from real value creation
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SBF
@SBF_FTX
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.
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SBF
@SBF_FTX
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.
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SBF
@SBF_FTX
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.
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