The Market For Zero-Sum Games. Bitcoin Tech Talk Issue #204
DeFi-mania is nothing new. It was preceded by IEO-mania which was preceded by ICO-mania which was preceded by altcoin-mania. The sad reality of this space is that there always seems to be new money coming in for what they perceive to be easy money. The reality, of course, is that the money is anything but easy.
The nature of any system is that there are always people looking to capture value in the easiest way, that is, making money while doing the least amount of work. What’s strange about these markets is that there’s no clear creator of value, so the value capture game is zero-sum. Nobody is making any good or providing any service in DeFi. The previous iterations like IEO/ICO/altcoin at least potentially had future value providers, but this time, there isn’t even a pretense of one.