As opposed to the current world of brigading social media threads to make consensus look like it goes your way and then getting journalists scraping by on covering clickbait to cover your brigading as fact?
FWIW Polymarket (which is one of the big markets) has no lock-up period and, for now while they're burning VC coins, no fees. Otherwise agree with your point though.
Different cryptocurrency products offer different properties and guarantees. Much like different databases offer different concurrency models. Folks that use currency backed stablecoins do not care for the trustless properties. There are various algorithmic stablecoins out there that you can use to stay free of KYC/AML but they aren't very popular.
Largely the folks that want trustless currency use chains like BTC, BCH, XMR, or ZEC.
BTC isn't a programmable chain. As yieldcrv says, your talking points are too old to make sense anymore. BTC's big "innovation" has been its version of an L2: the Lightning Network. Otherwise BTC people mostly treat it as a gold-like asset at this point.
A perp is a future which is different from buying BTC at its spot price. If you remove the "perpetual" aspect of the future and it was a regular future that was settling soon, likewise it would be similar in price but not the same as the underlying. There's lots of uses for futures and they're often used as hedges against various forms of risk, like currency risk.
Yes if you start doing analysis on DeFi and a lot of cryptocurrency markets, you can see very quickly that retail investors ("dumb money") are just providing liquidity to the smart money. There's a lot of unsophisticated money in these markets which makes it pretty fun to compete as someone trying to be smart.
It's even more brutal in the more established, traditional markets though. Obviously if you're going long and managing a portfolio that's a different perspective, but it's very hard as an outsider to compete with the smart funds in the world. You might be smart but most of those funds are very smart, well capitalized, and have a very deep understanding of market structure.
I was an early employee at a unicorn and I saw this culture take hold once we started hiring from Big Tech talent pools and offering Big Tech comp packages, though before AI hype took off. There's a crazy lack of agency that kicks in for Big Tech folks that's really hard to explain. This feeling that each engineer is this mercenary trying really hard to not get screwed by the internal system.
Most of it is because there's little that ties actual output to organizational outcomes. AI mandates after all are just a way to bluntly for e engineers to use AI, where if you were at a startup or smaller company you would probably organically find how much an LLM helps you where. It may not even help your actual work even if it helps your coworkers. That market feedback is sorely missing from the Big Techs and so hamfisted engineering mandates have to do in order to for e engineers to become more efficient.
In these cases I always try to remind friends that you can always leave a Big Tech. The thing is, from what I can tell, a lot of these folks have developed lifestyle inflation from working in Big Tech and some of their anger comes from feeling trapped in their Big Tech role due to this. While I understand, I'm not particularly sympathetic to this viewpoint. At the end of the day your lifestyle is in your hands.
reply