Morgan's tweet brings to mind two things. First, this gem of a line from MarketWatch: "Not so long ago, before the turn of the Millennium, novice investors, caught up in the giddy potential of an internet that was going to 'change everything,' threw gobs of money into fly-by-night dot-coms and solid technology companies like Cisco Systems."
Human behavior is generally consistent - it's just the innovation du jour that changes. And for each winning team or product that's funded, expect there will be many, many losers who are also funded.
Second, Morgan's use of the word "investors" to describe anyone buying anything in this space is pretty generous. I recently had a conversation with a friend who pointed out that most people we consider "investors" in this space are, in reality, traders - just ones with pretty poor trading strategies. The reason people tend to conflate the two is they assume making money and value creation are the same thing - they're not.
IN CASE YOU MISSED IT
🗞 For today's trending headlines head on over here.
READ OF THE DAY
📖 Upgrading 'Smart Contracts' to 'Wise Contracts' A post on wise contracts (smart contracts which are cooperative) and how, without cooperation, smart contracts "can become dumb."
LAUNCHES OF THE DAY
⛓ Chain Activity Get more insight into how projects are doing. Spun out of Akio Labs, Chain Activity is a more thorough way to track project activity. Right now the platform only supports Ethereum.
⚡️ Lightning Hood Providing access to Bitcoin and Lightning network resources, nodes, developers, Lapps and other opportunities.
Saifedean Ammous, author of The Bitcoin Standard, has a monthly bulletin where he researches a timely/relevant topic in-depth and provides his (highly analytical) perspective on it. I've downloaded the past few issues on my Kindle and have been thoroughly impressed with the quality and uniqueness of the arguments he presents in each. I think it should be part of everyone's information diet, so I'm just going to leave the subscribe link here.