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Comment by kranke155 | Hacker News Reader

I’ve given up on HN understating crypto before they mint some Giga unicorn and everyone understand where the future is. The hive mind here is dangerously anti crypto.

It’s the biggest wealth producing opportunity of the next decade or two and HN doesn’t get it at all.

It’s basically become a forum for your average developer. I’d bet a lot of folk who don’t understand crypto at all are web developers or something where innovation is a new JavaScript framework.

Not saying anything bad about that, but people here don’t seem to have innovation in mind. I mean r/Ethereum on Reddit is better than HN to discuss these topics. It’s just wrong. HN has become counter futurism.

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You complain that HN is a hive mind and suggest that r/Ethereum is a better place?

> It’s the biggest wealth producing opportunity of the next decade or two and HN doesn’t get it at all.

Help me understand where that wealth comes from. Because as far as I can see the only wealth that gets generated is from people who got in earlier selling their bags to people who got in later.

I would say you haven’t looked into smart contracts, NFTs and distributed apps enough.

Look into Uniswap, Balancer, Curve, Compound, MakerDAO. Read what Vitalik Buterin has written on his blog and watch some podcasts with him.

For people outside of the art world the narrative around NFTs is “it’s all fraud / it’s all silly pictures of apes”.

This is demonstrably untrue but its hard to show this to the hive mind here since they want to believe that it is true. But a lot of folks in the digital art world will tel you that NFTs have been a godsend.

Basically you are looking at tokens (99% of which are a scam) instead of looking at applications (99% of which are also a scam). The fundamental problem with crypto right now is the lack of regulation - without regulation it’s become a free for all for all kinds of scams and ponzis. If you were a criminal today the best way to make money is crypto. There is no regulation. You have to separate the wheat from the chaff but the chaff is humongous due to the lack of regulation. This gets a lot of people confused and they just end up dumping the whole space (unfortunate but understandable).

Laughable to suggest that everyone is wrong (except you of course) and that not worshipping crypto makes you an “average developer”

That’s not what I said (of course). Multiple others in this thread decry the same thing.

And you can be a great developer and still misunderstand crypto. But I really struggle to see how you can be a great innovator and fail to see cryptos potential at this point.

> a forum for your average developer

The average developer doesn't use Rust

> It’s the biggest wealth producing opportunity of the next decade or two and HN doesn’t get it at all.

It HAS been the biggest wealth producing opportunity of the LAST decade , along with Bitcoin.

They are now both priced for world changing paradigm shift and perfect execution doing so. Which means that there is no wealth producing opportunity at all considering that you need everything to pan out great just to mantain the current valuation.

Also everything is an S-curve and once you arrive to 750bn (or whatever they crypto-marketcap is) there is physically nowhere to go to from there.

Distributed applications running on chain have literally just started. Enormous opportunities there.

Already multiple huge apps such as: Uniswap, Opensea, MakerDAO, Compound, Balancer, Curve. A lot of small stuff that could grow like Opulous. Lots to be built. Huge field of opportunity.

They are all priced for perfection. Meaning priced for complete replacement of the legacy financial system. If it happens you get to keep your money, if it doesn't you lose them all.

You can't make money by betting on something with a valuation of 800bn which is the cryptospace.

The cryptospace as a whole you cannot make money from anymore, the only thing you can make money from is betting that the marketcap of old coins such as BTC will flow into new coins such as ETH.

But that if you are gonna do that, then it's better to just do it on the stock market, by betting on new companies replacing old companies and taking their marketcap

I’m not talking about buying tokens personally, but of actually building something in the space.

Same thing, you'd be looking at a zero-sum game.

The time to invest and also build is when new people and new money are coming into the game , not when everything is cooling down and the early winners enjoy their lead.

2014 was not the time to build a social media company, it was the time to build a social media presence.

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