[peterlk]

A family member started getting pretty deep in the crypto game, and went to one crypto conference. Afterwards, we hung out and he was really deflated. He just said, "none of these people understand what's going on. I asked what would happen when the underlying asset values went down, and they tied themselves in knots trying to unravel their own cleverness".

Crypto is interesting to me in the way that algotrading is interesting. Lots of interesting math doing fun things, but not worth really doing unless you have _massive_ resources. To me, there is 1 huge potential win for crypto - replacing clearing houses and banking infrastructure. Winning that is going to make a small number of investors extraordinarily wealthy.

There is 1 other interesting case for crypto, which is a common API that doesn't care who the winner is. But that's a questionable win.

Everything else in the crypto/defi/web 3.0 world is just a scaled MLM ecosystem.

[forum_ghost]

> I asked what would happen when the underlying asset values went down

There are no underlying assets.

You are literally conflating one tokenomic example to the entire space.