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I wouldn’t consider the crypto universe to be “finance” The vast majority of finance people have been in the Matt Levine school of thought the entire time - th
by xadhominemx 4y ago
I wouldn’t consider the crypto universe to be “finance”
The vast majority of finance people have been in the Matt Levine school of thought the entire time - the entire industry is a ponzi and every crypto person who thinks the way traditional finance does things is stupid will end up slowly replicating all the traditional finance structures and norms because it turns out they exist for a reason
- paulgb 4y agoI used to work in (trad) finance and while I want to agree with you, there's also a lot of trend following and going to where money is moving, with a belief that if it does go to shit you'll see the writing on the wall first before your winnings turn into losses.
- xadhominemx 4y agoYes, that is true about every industry
- skippyboxedhero 4y agoThe vast majority of finance people don't give a shit about the value of the product. Their business isn't to take risk or speculate, that is what your money is for. Their job is to give the people what they want, and earn hard-money commission. That is it. I will say though: I think crypto is here to say, I think normal finance is here to say, they aren't incompatible. What I think was illogical was to suggest that blockchain was a substitute for very efficiently run operations (like custody)...but it could be used elsewhere (for example, having investment funds do transfers on a blockchain is interesting) because it is also true that other parts of the industry are pre-historic (anything retail-facing is usually expensive and poorly-run, the whole retail fund value chain is a joke).
- xadhominemx 4y agoWas this a reply to my comment?