What if I give you colorful pieces of paper in exchange for real money, and say that you can use them to buy stuff, but only in my house?
What if my neighbor then does the same? And someone comes along and starts to exchange the colored paper from my house and my neighbors, and take real money as commission?
And then what if he starts offering a mechanism where you can pay X, but buy the colored paper for 5X instead?
In time, I have a lot of money and you have a lot of colored paper, which you collect in the hope that people are willing to pay more and more for stuff that actually may not even matter to them…
And then, one fine day, I change houses. That colored paper you have so painstakingly collected, now doesn’t buy anything. It isn’t worth the paper its colored on – but wait, was it worth anything at all in the first place?
Welcome to the world of crypto.
The recent collapse of FTX has a lot of people saying “I told you so”. Wonder where they were a few days ago though. It’s easy to have 20/20 vision in hindsight, as the saying goes.
Greed begets misery. It’s greed that makes people buy land in the metaverse, which is basically made up land in a computer program. They build headquarters in the metaverse, and then have their avatars conduct virtual meetings in this metaverse. Nice.
Nice if you didn’t pay an obscene amount of money to get this done!
It takes a moment to open one’s eyes. But it takes a lifetime to learn from experience. And it doesn’t take much to apply some good old common sense. Maybe meditation would help get clarity on the fluff that floats around in the guise of get-rich-quick dog tokens and VC funding.
What say?