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Murtaza Hussain
@mazmhussain
I like crypto and am glad that the prices have gone back up. I HODLd and tend to mostly buy what you could call the "blue-chip" cryptocurrencies whose performance and valuation I am satisfied with. I can't help but ask, however, what happened to all the people who were convinced to buy "real-estate in the metaverse" or were told that it would be a good investment to pay tens of thousands of dollars for images of a cartoon ape? I do not hear much about these narratives anymore and I have not heard of any recovery in values, though I am sure some credulous people lost quite a bit for trusting these stories a few years ago. There needs to be some self-policing and accountability not just of the fringes but the mainstream of any industry in order to build and deserve public trust. I highly recommend reading the book "Narrative Economics" to understand how good storytelling can be used to drive unwarranted increases in asset prices. https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics
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Daniel Fernandes
@dfern.eth
I think the "bored ape" phenomenon was completely explained by (1) wanting to be in the same club as NBA players like Steph Curry (and NBA players were turned on to crypto from NBA TopShot) and (2) hypebeast collectors that are also into hype streetwear brands like Supreme and rare sneakers etc, basically they are just trend collectors. This argument is made in this (long) video essay: https://www.youtube.com/watch?v=yH2t4ayYGDI
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