Comment by brandonmenc | Hacker News Reader

Comment by brandonmenc | Hacker News Reader

Crypto fans are always hurling accusations of FOMO on those of us who just "don't get it".

But web3 strikes me as those very same people experiencing FOMO because they missed out printing a bunch of money for themselves in the early days of the web by actually providing novel value - which in hindsight now all looks like really obvious low-hanging fruit, hence the FOMO - so they're hoping to "get in on the ground floor" by rebooting the web and inserting themselves into and extracting a payment from every single transaction and interaction on this new web, hoping we use their magical tokens - which oh by the way are also speculative investments that they currently own a bunch of and you don't - as the currency.

Of course, I'm just a hater who doesn't get it.

And conveniently they reserve for themselves double digit percentage amounts of future assets by the way of premine. The levels of hypocrisy in crypto are mind boggling.

And not a single one of the cryptocurrency developers in the entire enterprise has a single finance class under their belt. They are naïvely using pragmatic logic when they write their new distributed financial systems, yet finance does not follow pragmatic logic- it follows social and contractual agreements that are often nonpragmatic and nonlogical - as the contract holders intend. This entire concept is so ill formed it should be a Money Python skit with silly voices.

The capacity of crypto believers to ignore social and political context is limitless. It has to be, because if you bring that context into your thinking, all their hopes for the technology fall apart.

Given how Wall Street has turned out, I think many would argue that a lack of finance degrees is a plus, not a negative.

I think you get it better than they do. The biggest difference I notice is that in the early days of the web, people solved problems they had or saw and benefited from it. Now with crypto, all I see is a solution in search of a problem.

> Crypto fans are always hurling accusations of FOMO on those of us who just "don't get it".

That's just a cheap way to dismiss critics and has no actual basis in reality. The best thing to do is ignore it.

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