[jdbiggs]

I’ve covered the space for years and I think two things are simultaneously true. It’s a huge scam full of shysters and liars who basically found a meaty grift to make a lot of money really fast. I met loads of those people.

What keeps me going, though, is the fact that the technology has some utility and I’m not about to throw out the next tcp/ip because someone will use it to scam an old lady. I like the artistry of the circus but I hate the clowns.

If we are doing analogs, this is the 2000 era of the dot con boom when there were loads of companies doing websites and four guys really doing good work - let’s say bezos, page, brin, and gates. Theil and musk got lucky with their 2k era grift as did a precious few holdouts but only a few really won. Did anyone who bought Netscape early on the retail markets win? Nope. Crypto investors are the ones jumping in after the whales had their taste. They get scraps.

Who is the next FAANG? Who knows. But this is the space where they’re going to be born.