Comment by kristopolous
5 days ago
No it's not. There's dozens of companies where this didn't work out at all. Plenty that were terrible bets.
Crypto currency wasn't a new thing. There has been digital currencies going back decades. They had all failed and become worthless.
Looking at the these ones that became valuable and chin stroking with a monocle is silly.
You can rationalize anything but that's really just imagined story telling.
It's all fundamentally irrational. Wise people don't get on top, it's blustering audacious gamblers and those of fortuitous delusion.
You combine that together and you could everybody from SBF, to WeWork, to Elon Musk and Elizabeth Holmes.
This is far more predictive of future events than writing stories after the fact and convincing yourself that everything is sensible
> Crypto currency wasn't a new thing. There has been digital currencies going back decades. They had all failed and become worthless.
That didn't make them unreasonable bets. Lots of smart ideas fail to gain traction in spite of being smart ideas, for a variety of reasons. The electric car market (for example) had its share of false starts, too, in the late 19th Century and throughout the entirety of the 20th Century - and yet the people betting on EVs weren't irrational in doing so before the 21st Century, and still weren't irrational to do so afterward. It ain't like the problems with fossil fuels were completely unknown before 2000, after all.
There's been electric car companies and projects since the 1800s - literally hundreds of companies. They all failed at a rate of 100% for over a century.
If you're saying you saw Tesla as a success way before they put out there first car because of some rational eventuality, I don't believe you.