Conversation

Replying to
In the Industrial Age economy there’s a saying: “money is for poor people.” Real power and wealth is controlled by the crony-communism of the wealthy (why do they call it crony capitalism when it’s clearly crony communism?). In Web3, money is for latecomers.
2
26
Yes, I’ve changed my mind. The problems are the same, the tech introduces genuinely new was to attack them. They’ll have different failure modes and effectiveness levels.
Quote Tweet
Replying to @BillSeitz and @vgr
Does this change your earlier tweet? Your optimism still feels a little magic/handwavey compared to that earlier pragmatic perspective. twitter.com/vgr/status/144
3
10
There is a great analysis in Joel Mokyr’s Lever of Riches about the difference between manias (fast, boom-bust) and critical adoption (slow diffusion accompanied by trial and error). Fake innovations only have the former, real ones have both, and in the long-term latter dominates
2
12
Replying to
Nope. They tried to win an auction, almost made it, and will now be returning most of the money minus ~4% fees. There’s definite examples of mania within Web3, but this isn’t one of them.
2
Replying to
The 4% *is* the gas fees. Read the details upthread. Those who donated small amounts like me will lose a lot more in gas fees (I’ll have spent ~$60 to round trip $200). Which I write off as learning cost. This will evolve as people get smarter.
1
Replying to
No it’s not. It’s a price people chose to pay to participate. The government wasn’t forcing me to contribute. And people who think they know better than I do how I ought to spend my money have no mechanism to stop me. That’s the power at work here. Actual consent of governed.