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>you didn't need to be well connected to old-money entities or families in order to "win" from. And this was always a lie. One of the biggest boosters of crypt
by mrguyorama 2y ago
>you didn't need to be well connected to old-money entities or families in order to "win" from.
And this was always a lie. One of the biggest boosters of crypto is Andreesen-Horowitz FFS, and plenty of the rest of the people well known in the industry are just Wall Street Finance bros or dotcom boom lottery winners.
- llamaimperative 2y agoAnd to the extent that there are “normal people” making money in crypto, they’re doing it in all the same slimey ways the slimeballs of ye olde traditional finance did it: rent-seeking, speculation, and insider trading. Like seriously, how laughably obvious can the whole spiel be? Let’s all switch to this other currency because it’s “more fair,” and yes I do happen to already have a gigantic stake in this new currency and I’m just looking for you to come in at the ground floor so you can inflate my wealth! Anything productive happening at any point in any of this? Well considering my entire motto is HODL, how could I possibly be doing anything productive? It is the purest, most naked form of rent-seeking someone could invent.