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Quote by David Angway

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David Angway

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“According to technologist David Rosenthal, speculation on cryptocurrencies is the engine that drives Web3—that it can’t work without it. “[A] permissionless blockchain requires a cryptocurrency to function, and this cryptocurrency requires speculation to function,” he said in a talk at Stanford in early 2022.4 Basically, he’s describing a pyramid scheme: Blockchains need to give people something in exchange for volunteering computing power, and cryptocurrencies fill that role—but the system works only if other people are willing to buy them believing that they’ll be worth more in the future. Stephen Diehl, a technologist and vocal critic of Web3, floridly dismissed blockchain as “a one-trick pony whose only application is creating censorship-resistant crypto investment schemes, an invention whose negative externalities and capacity for harm vastly outweigh any possible uses.”

InternetEconomicsCryptoCryptocurrencyInvestment PsychologyPyramid Scheme
Book:Web3: The Insights You Need from Harvard Business Review
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“A portfolio can only be “seen” as the data representing the holdings in each account, which means that your monthly investment statement is not actually your portfolio of stocks and bonds. Instead, the investment statement is more like the wrapper or costume between you and your money.”

InvestmentFinanceDeceptionInvestment PsychologyStatementCostumeDoppleganger
Book:Outsmart the Money Magicians: Maximize Your Net Worth by Seeing Through the Most Powerful Illusions Performed by Wall Street and the IRS
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