[cobookman]

Sometimes I wonder if this is how Michael Burry and others felt before the housing crash.

Right before the housing crash, most the in-industry folks were fully aware it was unsustainable, but they felt it would continue long term. Same goes for tether, majority of those involved in crypto know what they are doing, and the pump-up effect it's had to crypto.

[WalterSear]

> Same goes for tether, majority of those involved in crypto know what they are doing, and the pump-up effect it's had to crypto.

Not at all.

While those at the executive level have some awareness, the rank and file that I interact with at crypto companies barely understand the tech, and have no knowledge at all of the environment. It's flabbergasting.

[chaostheory]

Can you give examples of their lack of knowledge?

[WalterSear]

It feels a little sneer-clubby to complain about people in this way online, but FFS, they really are obliged to understand their profession.

* Anything about Tether, other than "it's the largest stablecoin."

* That the primary users of their product in China are engaged in capital flight, rather than entrepreneurial speculation.

* That the people yelling 'To the moon' on Twitter and Discord are excited about making easy money, not about developing projects on their platform. And that the swag and meme competitions they were running were doing little to nothing to advance them with the audience their product actually needed to court.

[chaostheory]

These are developers? I’m a bit shocked, but this confirms my gut feeling that crypto is a huge bubble driven by Tether. It only takes government regulation to burst it, which imo is inevitable.

[WalterSear]

Arguably worse, but slightly less shocking? People who are developing corporate strategy for their companies - ie: everything other than the code, but including some doing product development and (omgwtf) market research (!!)

[knownjorbist]

Michael Burry recently took out a massive short position on BTC and is likely very deeply in the red at this point. Just like he is with Tesla. People who call once-in-a-lifetime events don't do it more than once, it's in the name.