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Cameron Armstrong
@cameron
Earnest Question: Why do we celebrate random windfalls on FC? Obv I understand the 1st order reaction of more money = good But is it tacit approval of some other kind of mechanism? Is it evidence that there’s so much value being captured there’s plenty to spare? Something else?
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Fran
@0x99fran
Crypto is an “outsider” tech. Getting windfalls feels like evidence we are migrating to being the new “inside”
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Cameron Armstrong
@cameron
Could be - is it assumed that insiders get windfalls here?
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Fran
@0x99fran
Think about 2008/2009 (arguably one of the origin stories for crypto). Alot of people felt like the insiders in the gfc got golden parachutes when shit hit the fan. Airdropped money when everyone else was losing their job. Now people are getting the windfalls being outside the traditional system.
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Cameron Armstrong
@cameron
How many people are here because of 08/09 though? It’s gotta be sub 10%
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Fran
@0x99fran
“Because of” is a strong statement. More so i think it feeds the underlying sentiment. Like a cultural scar. I also think there are people who are in crypto causes they think its fundamentally good. And wealth is evidence of this new age of abundance that crypto will bring
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Cameron Armstrong
@cameron
I think that latter sentiment is what I’m hesitant about. Age of abundance is such a loaded term for what is basically better financial rails + cultural accounting. Is it better? IMO yes, but does it cause a golden age? Much less likely to me
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Fran
@0x99fran
Im bearish on the short term wealth potential and bullish on the long term abundance. But for alot of people this is the same thing. (Similar to how some people think wealth = being smart or righteous when in reality these are not correlated)
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