anand iyer
@ai
Starting to see a real bifurcation among crypto founders:
those who believe crypto is nothing but a speculative platform (and that's all it can ever be) vs those who want to see non-speculative utility emerge on-chain.
Ben
@0xbenersing.eth
@saymore
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Cameron Armstrong
@cameron
who do you think will win
Ben
@0xbenersing.eth
Does this materialize in founders focused on gambling / gaming vs those focused on social, etc.?
anand iyer
@ai
hopefully, both
William Allen
@williamallen
the non speculative use cases are heavily penalized via regulation (bitlicense, IRS tax reporting requirements) and other industries (no crypto-related advertising on google/meta/etc, bank closures of crypto co banking accounts) so speculation will, somewhat ironically, continue to dominate.
Jackson
@jacks0n
I don’t understand how anyone thinks the value is still speculative 😃 The utility is money, at minimum.
I can email you money right now if you give me your domain name. Now extend that to all the legacy financial infrastructure.
ever tried an international bank transfer?
Nico.cast
@n
Crypto has been a technology of 'wanting' more than 'needing' for most people, hence the speculative side
Do you think it will change?
kerman
@kerman
Speculation attracts much worse quality people and never lasts though
anand iyer
@ai
Yes but a necessary part of the cycle. We wouldn’t be “here” if it weren’t for the speculation.
Tayyab
@tayyab
I can see how one’s personality lends to being on one side of the fence over the other.
But likely it’s both.
Crypto is the internet with an added casino. But that’s also similar to physical society: you can earn here, but also bet your capital for larger gains (lottery, entrepreneurs, gambling, investing)
kerman
@kerman
Agreed! I think the importance it should be given is less so we can attract more legitimate crowds. 100% on board that we’ve reached here with the speculators and gamblers!
billzh - l/dau
@billzh
Speculation as a go to market strategy
LuciusF
@luciusf
Crypto main use case is speculation though
links
@links
True say. It sounds like @ai’s two groups of founders are:
- those here for the money
- those here for the purpose
Liang良😬q/dau
@liang
is it possible that both are true, being speculative and with utility onchain
anand iyer
@ai
I would argue that speculation has led us to the path of these punitive measures. WDYT?
David Tomu
@tomu.eth
I hope there will be more of the second group
Gregory
@bemusedlondoner
Depending on my mood, I’m in both camps 🫣
William Allen
@williamallen
I think that's probably true
Mac Budkowski 🥝
@macbudkowski
As much as I think there's a place for speculation in crypto, I think too many founders implementing these gambling features can have a detrimental effect on crypto (picrel)
Even wrote a blogpost about it (linkrel) :)
Wesley
@degenwes
Im def in the non speculative category but tbh the next one or two cycles will probably still be speculative. But it has to flip eventually, or else crypto never delivers on its og vision
Christian
@cristi
Sometimes you need to tune in towards the first option for a while until non-speculative utility is adequately rewarded.