Apropos of nothing: people have this perception that it is stupid, unsophisticated amateurs who lose money to scams and manias. Not true.https://twitter.com/semil/status/892163113159544832 …
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Replying to @patio11
Bernie Madoff and the mortgage-back CDO financial crisis, to name just two of a thousand examples, primarily affected smart, rich people.
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Replying to @patio11
I understand why IRRs of 10000%+ are impossible to ignore. They're also impossible. Point blank. It is not different this time.
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Replying to @patio11
Cryptocurrency is downright fascinating to me because it is a memeplex that does transaction processing, poorly, as a side effect.
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Replying to @patio11
The technology is fascinating, too, in the same way that building a CPU out of redstone and then hooking it up to a REST API is fascinating.
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Replying to @patio11
But it's the memeplex, the self-organizing boiler room, that is the triumphant achievement of the industry. And it's got nothing else.
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Replying to @patio11
There's a sardonic line to the effect of "The best minds of my generation are figuring out how to get people to click on ads."
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Replying to @patio11
That line is and always has been gratuitously unfair to Google and Facebook.
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Replying to @patio11
But if you took GooBook and got rid of the search engine, the social network, the advertising partners, and kept *only* the finance bits...
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... and then you took those finance bits and reimplemented them by with a motley crew of ne'erdowells and folks in deeply over their head...
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Replying to @patio11
... and then vigorously applied a monkey wrench to the finance bits, because you were worried about them actually working ever...
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Replying to @patio11
and then implemented a boiler room on top of that, you would almost approximate the cryptocurrency space.
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