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Applying first-principle analysis to the early web and to crypto today yields two very different conclusions... just look at the fundamentals, not the surface BS.
Fully agree that the presence of a lot of BS does not invalidate a domain, but in reverse, just because it has *some* of the characteristics of the early web does not mean it has the *important* characteristics. The early web was *extremely useful*, in a world-changing way.
I have been continually arguing that crypto is not another internet. I agree with that. But there's a wide spectrum between the CA Gold Rush and the South Seas Bubble that it exists somewhere within.
The primary valuable use case from crypto at this point is that it's aggregated a bunch of money (or expectations of money) into a somewhat closed ecosystem and this wealth(?) is funding some stuff that wouldn't get funded otherwise. Sadly, most of it is bad art at this point.
Basically, judge new technology by what it enables you to *do*, and how that changes the game, not by who uses it or what for. That's how I judge crypto. That's how I know it's BS. It's *not* the torrent of scams.https://twitter.com/fchollet/status/1429211618559205379 …
Looking through my history it seems I've been repeating the same thing many times (and it wasn't even about crypto)https://twitter.com/fchollet/status/965391195059888129 …
Perhaps the early 90s internet is a better example. I think a lot about open source too. That was going to destroy Microsoft.
I think the comparison to the internet is strained for the reason @fchollet cites: it was obviously useful and enabled new things. At the moment, I find more interesting interrogations to not be technical: like the gold rush or south seas.
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