The Hinman Test

avc.com

29 points·petethomas··3 comments

It is, to a large extent, rather unbelievable to watch otherwise respectable individuals fall over themselves to promote valueless and literally "worthless" cryptocurrencies. I have trouble reading in good faith about the lack of SEC action being anything other than a warning sign, and the new "test" having any legal standing as a defensible position.

In all, this is rather sad. I've pitched USV before, I've read AVC for years, and I've found then to be among the more thoughtful of investors.

Given their recent decsent into madness - I wouldn't touch them with a 10ft pole.

I feel you aren't identifying what exactly bothers you about what they're doing.

Overvalued? Probably. Overhyped? Definitely Overused and talked about? Probably again.

But the idea that crypto is 'worthless' is comically naive. Ideas A LOT dumber than a cryptographic mechanism to store a record of value that can be accessed in short time anywhere in the world without third parties have grains of worth.

And the argument is all the more ridiculous when the thing you compare it to (fiat) derives its value on the same abstract indirect "worth" (yeah I get it, a guy wearing a suit signed some papers that say the fiat case is special, and some judges agree, which does matter, but is not the only way things in the world derive value)

But in my mind you lose your seat at the adult table when you make the mataphysical worth argument. It just doesn't hold water at all.

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