Humans seem to be endlessly vulnerable to the lure of easy money. Harder to accept, however, are those educated and trained to be professional money managers who still throw cash at charlatans and ideas with non-sensical valuations. When elders fail to lead, chaos grows. The segment below highlights the blatantly obvious mania that has piled trillions into vapid concepts in recent years.
Whoops. The magical box was actually a pyramid this whole time. Sam Bankman-Fried recently went on a podcast and tried to explain “yield-farming” to Matt Levine and the OddLots podcast and ended up describing a ponzi scheme. Chaos ensues. Listen to the full podcast (starts around 24:00) https://play.acast.com/s/oddlots/92e2…
Media magnifies the danger as it’s mostly paid advertising to celebrate the appearance of money whether leaders and companies are legitimate or not.
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