I think it would be easy to paint these guys as idiots or their community as a cult. But I have a feeling it’s all much more ephemeral than that. Probably 95% of the money came from individuals who got plenty of entertainment bang for their buck of out of this. The folks who started it probably had no idea what they were doing - and that’s… probably fine!<p>Money is like energy. It’s never really wasted. It’s a liquid that teaches human beings valuable lessons. Does whoever sold this book for 3M deserves a article praising them? No - just like lambasting these guys seems somewhat undeserved too. Que bono?<p>DAOs are interesting and I have no problem with capital being spent in silly ways - because the money goes <i>somewhere</i>. Should we want money only spent by the top authorities and experts? Not me - let the kids have fun.
It's striking how much "cryto" is like a religious cult.<p>In either case, one of the keys is becoming "enlightened" with an over justified respect for your own insight. In other words, to be a true believer you have to become self righteous. Those who attempt to alter your course are the ones who lack comprehension --- not you.<p>Wonder how many people tried to steer these crypto bros but were rejected as being "not of the faith"?