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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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Fio
@fiodar.eth
I guess those people just got a very expensive investing lesson. In the end, no one forced anyone to pay north of $50k for a JPEG, so I'm not sure if it would be the right move to hold someone - especially the whole industry - "accountable" for something like this, besides the "investors" themselves. And the self-policing mechanism is that most of the people (eventually) won't value this stuff that high ever again, effectively rendering them a failed experiment, thereby stopping future builders and entrepreneurs from launching similar "products" going forward.
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Murtaza Hussain
@mazmhussain
If this is the case then people would take the lesson not to trust any of the individuals or institutions who advised them to do something the first time; or knowingly turned a blind eye to what was bad consumer advice. That’s fine in itself but doesn’t build a healthy culture over time.
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