My guess: It's showed cracks but there are still far too many Missionaries/sources of Common Knowledge with powerful megaphones supporting the Narrative
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This week's conversation over Ethereum/fat protocols has shades of this: http://www.epsilontheory.com/when-does-the-story-break/ … Has the Narrative of Fat Protocols truly broken or merely in hibernation until the next bull market? 
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May need another more violent crash where much more wealth gets wiped out
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It showed the flaws of raising money for dumb projects. But the mentality will double down on the belief that the focus needs to be on raising money for “smart” projects. Reminds me of Robert Moses building more and more highways as traffic increased from highways.
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But also it wasn’t just ETH that crashed but everything. It becomes easy to see past that.
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https://www.evanvanness.com/post/166666272011/theres-no-such-thing-as-fat-protocols … A lot of people in the community never bought this. It was the new wave of VCs FOMOing in...
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