Back to All Episodes

 

Theme:

  • The Payday for Failure makes it irrational to succeed
  1. https://youtu.be/YQ_xWvX1n9g?t=4117 
Economics of a scam/intended rug pull

“Squid Game”-inspired token? It boomed to $2.8k+ per coin, then plummeted after the developers claimed they were hacked, sold their coins, deleted their socials, and bounced with an estimated $3.3m.

 

Line Goes Up arguments

  • Crypto sucks because it’s still controlled by rich and is fragile
    • ETH was funded by Peter Thiel,  even forked when rich were hacked creating ETH classic.
    • Hyper consolidation of wealth by few wallets
  • Crypto is an energy drain
  • NFTs suck because there are so many scam projects and people are getting ripped off through all kinds of hacks in an unregulated market
  • NFT play to earn Axie Infinity is just a digital sweat-shop.
  • DAOs are just PM software not the novel industry changing tech they’re being hyped as.
  • Ponzi scheme of packaging and reselling vapor similar to the 2008 mortgage backed securities. 
  • Social inequity still exists in Crypto and isn’t an equalizer, just same game on a new playing field.
  • NFTs want to ownership all the things leading to a dystopia 

 

Counters

  • Kernal of truth popcorn of confusion
  • Lotta good points, but beware of absolutism whenever you see it.
  • Emails suck because of spam and scams
  • Computers that were calculators at first took up entire rooms and tons of energy for what a person could do with a pencil. Early tech is inherently inefficient 
  • Play to earn is not fun on Axie - agree, but just taking selective tweets as testimony might miss what it’s like to earn money if you have none: https://www.aseanbriefing.com/news/minimum-wages-in-asean-for-2021/ 
  • Tech alone doesn’t fix human behavior