(I am close to agnostic on the “slow databases will eventually be a materially useful technology for value transfer”, preferring fast databases for this purpose myself but knowing social adoption dynamics are weird. It’s the “token worth hundreds of billions” that is nonsense.)
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Always super impressed about all your insights but what makes you so impartial on the potential "implosion"? Legit question
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Not sure I owe anyone impartiality. If you're wondering "Is he talking his book?", if you offered me 25X what everything I own is worth in return for people ceasing to believe something like "Honest and forthright in all dealings", clearly that would be a stupid trade for me.
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When Michael Lewis writes his book, it will add about 0.000002% to the total number of skeptical pages already written. Everyone's heard the counter-arguments. They know the risks of the ponzi-tulip-fraud-mania-scam-bubble. How can you defraud someone who is fully informed?
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They're not fully informed. Most retail investors wouldn't be able to *define* mania, full stop. Even sophisticated investors cannot sensibly answer the question "What are the three biggest frauds being perpetuated in crypto right now?"; that will wait until after implosion.
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Thank you, Patrick.
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To raise big $ for a new venture, I have to perform for various firms in exchange for increasing returns on the value of their stock. Why? Why is it ridiculous to suggest that retail investors learn to evaluate and manage risk? What is it about the financial system you prefer?
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Current regulations give you a choice: raise money which we allow you to assume is smart money (accredited investors), raise money privately, or raise money at scale from retail. We gate door #3 on formidable reporting & disclosure obligations because of scaled fraud.
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Arbitrarily trustworthy technology loses to arbitrarily sketchy technologists. This was not obvious at first.
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