My biggest issue with crypto today is that it disproportionately rewards the wrong people.

My biggest issue with crypto today is that it disproportionately rewards the wrong people.

https://twitter.com/PouriaAzimzade1/status/1558527845177204740

Real World Ethereum 🌎 
building /daimo ✳️ 

would you mind elaborating? FWIW I agree, but curious how you reached this POV

/ted | exploring the onchain frontier | surfing @ venice, ca | eating @ gjusta / gjelina

Porto Seguro, State of Bahia, 45810-000, Brazil

The fundamental tension is 1. crypto is experimental tech with enormous liberatory potential, but 2. offers near unlimited amount of money from exploiting retail

So many pursue 2 instead of 1

And the ones who do 1 make less money

The level of contempt I’ve seen for retail is amazing. And easy to understand why… retail is doing extremely stupid things with (collectively) lots of money, again and again.

But it’s very corrosive to the dev culture, attracts & rewards the wrong kind

MM throws out a lazy af Swaps feature. No mev protection, no CoW, just uniswap with a 88 bp fee slapped on top

One billion revenue last year

This is why Matt Levine roasts crypto as “carpeted with $100 bills” https://i.imgur.com/385ehAe.jpg

It’s why there are so many scams, but the malincentives extends to honest projects too.

You can offer retail a very bad deal, presented truthfully, and they’ll take it.

And ofc lots of shades of gray