[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
@jason @Jason on x 1M followers
Created: 2023-11-03 15:31:12 UTC
For a decade, I said most crypto projects were a scam, and I got brigaded with laser eyes saying, “Have fun being poor.”
I was right, of course, but I give myself little credit for it.
Why? I had done the work to look at ~100 crypto startups and was shocked that they almost all got funded without ever building a product or having customers.
The only ones that did something customers got value from were money storage and money transfer.
I tracked the most promising ones over time, and they almost universally never had customers using their products to do something… or anything… except…
… but the shares/tokens of the founders of the project
🤔 Then I watched a bunch of grifters flood in. They realized that no one seemed to be tracking anything, and they could print fake money and sell it.
I explained repeatedly that eventually, when there were enough victims, this would all blow up.
That’s basically where we are today.
Crypto is fantastic for money storage and transfer, and 99%+ of the projects outside those two use cases never arrived.
With one little side quest, the immutable JPEGs, which I thought were cool and fun… but absurdly overpriced for the fun they created.
XXXXXXXXX engagements
