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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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shazow
@shazow.eth
Ive been in the space since before Ethereum, every bull cycle there is a bunch of new ideas that people get excited about. Tokens, mechanisms, L1's etc. I remember back in the day, I had some Namecoin (2011 era version of ENS) and Peercoin (one of the first PoS chains) and Mastercoin (one of the first programmable chains, was an inspiration for Ethereum). All of those instances are irrelevant today, but the ideas were live on: ENS, PoS, proper smart contracts, etc. I'm not sure if any particular JPEG is a great investment but I have no doubt the core concepts of NFTs will live on, and even the metaverse in some shape. But that is the nature of being an early adopter (or trying to find x1000+ returns, I suppose). We find an instance of something that might have some great ideas inside of it, and we get involved. Maybe that's not the instance that ultimately thrives, though.
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