So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it. https://twitter.com/gwestr/status/1066769641026969600 …
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Pause here to acknowledge that product two has learned exactly which words to emphasize to product one's audience to borrow their credibility, networks, and talents to facilitate the building of their payment rails and legal entity shellgames. ("It's censorship resistance!")
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"Why are Bitcoin exchanges hives of scum and villainy?" Because if they weren't Bitcoin would be valued at its use value, not its speculative value. "Why don't we find a bottom in the market?" Because the use value is, to a reasonably accurate approximation, zero.
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Oh to be a character in a Michael Lewis book, seeing the world around him gone utterly mad and being virtually unable to stop it or profitably trade it because of market microstructure. *sigh* Hey narrator, make this book more like the Big Short and less like Flash Boys, please.
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End of conversation
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You couldn't have said "sysop ban"? Now I've gone and learned a new word that *no one else* will know ;-) This is 5th grade all over again: ME: There was an influx of immigrants *Entire* Class: iiinnnnffllux ?
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