1) Are we in a golden age of crypto schadenfreude?
#Bitcoin 🧵
#Bitcoin 🧵
2) “The misfortune of others tastes like honey,” the Japense say.
The French have a term for it: joie maligne, which refers to a diabolical delight in other people’s suffering.
Schadenfreude.
The French have a term for it: joie maligne, which refers to a diabolical delight in other people’s suffering.
Schadenfreude.
3) With almost $1 trillion in value wiped off digital assets, all those who missed out on the opportunity are rejoicing.
4) This reflects how nauseating it has been for many to watch crypto bros succeed.
A $1,000 investment in bitcoin in 2010 is worth $350 million today (down from $625 million last year).
A $1,000 investment in bitcoin in 2010 is worth $350 million today (down from $625 million last year).
5) But schadenfreude is a coping mechanism, clinging on other people’s disappointments in order to feel better about their own.
6) The philosopher Arthur Schopenhauer called it “an infallible sign of a thoroughly bad heart and profound moral worthlessness.”
7) With everyone dunking on crypto, I’m reminded of what Wences Casares (founder of Xapo) told me:
“How do you succeed but make everybody believe that you’re failing?”
“How do you succeed but make everybody believe that you’re failing?”
8) Bitcoin has risen from nine cents to over $50,000, but on most days, the narrative is that it is crashing.
That’s because the price rockets higher in short bursts while drifting sideways or lower 90 percent of the time.
That’s because the price rockets higher in short bursts while drifting sideways or lower 90 percent of the time.
9) But bitcoin is not crashing when it’s the best performing asset in the last decade.
10) This is not a time to gloat.
Rather, it’s critical to consider the long-term case for digital assets once more.
What does a world in which bitcoin succeeds look like?
Rather, it’s critical to consider the long-term case for digital assets once more.
What does a world in which bitcoin succeeds look like?
11) I propose that you revisit my interview with Wences.
Reid Hoffman calls him “patient zero” of bitcoin as he infected most of the people in Silicon Valley, including @B3_MillerValue and @novogratz.
He’s a true gem.
stray-reflections.com
Reid Hoffman calls him “patient zero” of bitcoin as he infected most of the people in Silicon Valley, including @B3_MillerValue and @novogratz.
He’s a true gem.
stray-reflections.com
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