Dare Obasanjo

A lesson of the past few years in tech is that it’s possible for an entire industry to gaslight you.

Whether it was the usefulness of crypto, the competence of certain billionaires or that unviable businesses were worth billions. There’s a lot that common sense said didn’t make sense that an entire industry of VCs, media and opportunists told us did.

It’s been a lesson in trusting your gut and not being afraid to swim against the current of popular opinion.

Dec 24, 2022 at 6:39pmWeb
Show threadJohn MinnihanDec 24, 2022
@carnage4life
true, true, true. also? true
Show threadMitchDec 24, 2022
@carnage4life reminds me of how every BNPL startup in the world is somehow valued at $XX Billion
Show threadKarthik HariharanDec 24, 2022
@carnage4life Also, do your own research.
Any reasonably technical person who messed around with crypto, NFTs, Yield farming, etc for a week or two could see the scams and grifts first hand. It’s way easier to separate the reality from the hype if you get your hands just a little dirty to learn.
Show threadDare ObasanjoDec 24, 2022
@hkarthik This is where the gaslighting vibe became strongest. It was clearly a bunch of pyramid schemes, grifts and inappropriately applied technology yet any attempt to point this out got massive backlash. It was and still is a crazy time.
Show threadKarthik HariharanDec 24, 2022

@carnage4life It's because there's so much institutional money in it now. Crypto has largely become too big to fail.

Tech is not immune to the same dynamics as other industries. Once the big money it is in, total systemic failure will not happen.

At that point it's no longer about whether the ideas are good or not, it's whether a lot of rich people will lose their shirts if it fails.

Show threadJuju&Baba&Yoyo🌈Dec 24, 2022
@hkarthik
NFT. GRIFT AND JUST PLAIN SILLY.
Show threadAvram Grumer 🎲Dec 25, 2022

@hkarthik @carnage4life “Do your own research” is the same thing the crypto sellers say. And the anti-vaxxers.

They're counting on most people not being able to navigate through complicated technical topics, and just going with their emotions.

Show threadSachinpcDec 27, 2022
@avram @hkarthik @carnage4life indeed a fertile home for cynicism.
Show threadDaniel SmithDec 24, 2022

@carnage4life if we consider the idea of a technology singularity, more far-reaching ideas seem believable, at an ever-increasing rate.. it's as if people get swept up in ever faster waves, without considering what is in the water

if there is a silver lining, it's that (hopefully) bad ideas also get cast aside more quickly

Show threadtrindfloDec 24, 2022
@carnage4life While I agree caveat emptor is an especially good idea in recent times, I feel compelled to say it isn't very new. As an example I reference "ethyl" gasoline, which was a uephemism for lead; most people knew lead was a bad thing, so it wasn't called lead by at least two industries. https://en.wikipedia.org/wiki/Tetraethyllead#%22Ethyl_Fluid%22
Tetraethyllead - Wikipedia

Show threadFizzy Negroni 🏳️‍🌈Dec 24, 2022
@carnage4life just like the dot com bust. Same situation. Snake oil sales people. Unless it makes money, don't be fooled.
Show threadEyalLDec 25, 2022

@tuliplincoln

A lot of the dot com failures were good ideas, just way ahead of their time. Crypto is just a bad idea or at least a very bad implementation of it.

@carnage4life

Show threadkostadis_techDec 24, 2022
@carnage4life fwiw - in 2013 I was looking for a job. And I interacted with VC’s and realized that their knowledge of tech was marginal at best. worse, they were horrible human beings. They did more to convince me of the value of not doing a startup than anything else.
Show threadEddie DinelDec 24, 2022
@carnage4life and to take money off the table when and if you’re up.
Show threadsayrerDec 24, 2022

@edinel @carnage4life also this, though. I made money on the whole deal (nothing serious) because I just took money off the table like a grandmother's investment book would recommend.

I never used real money to buy crypto, but I did have some video cards sitting around, and bought one miner ASIC thing just to see what it would do.

Show threadSkiBumMeDec 24, 2022

@carnage4life Jack Dorsey was promoting the crypto coin con while he ran Twitter.

https://www.protocol.com/fintech/jack-dorsey-bitcoin-crypto-twitter

Jack Dorsey’s Twitter resignation is really about bitcoin

The departure of @jack from Twitter may have seemed sudden, but it reflects his obsession with bitcoin, an interest that’s been building for years.

Protocol
Show threadJohn Mark  ☑️Dec 24, 2022
@carnage4life gotta say, going through the .com boom and bust did wonders for my bs detector. It was a hard lesson to learn, but it sure helps in times like this.
Show threadCurt WilsonDec 25, 2022
@carnage4life I concur! And I’m glad to know numerous people that also see through the BS and won’t attempt to gaslight in favor of the latest fad/scam.
Show threadAdiDec 25, 2022
@carnage4life It’s not just possible: it happens pretty regularly. Systems are not well understood. Even by the people benefiting from them. And success ≠ understanding.
Show threadTim ParkDec 25, 2022
@carnage4life amen
Show threadJonathan Deamer (he/him)Dec 25, 2022
@carnage4life Great point. I felt similarly after seeing the film The Big Short; the 2008 financial crisis offers similar lessons.
Show threadGoblinPrincess Dec 25, 2022
@carnage4life even gaslighting has been outsourced to the private sector by the government these last few years :(
Show threadMatthew CowenDec 25, 2022
@carnage4life Read “Memoirs of Extraordinary Popular Delusions” by Charles Mackay to better understand the phenomenon. It’s in the public domain (Gutenberg Press for example). Worth the effort.
Show threadluisDec 25, 2022
@carnage4life could not agree more! its not limited to tech… i think its true of humanity in general.
Show threadSachinpcDec 27, 2022
@carnage4life
Show threadSachinpcDec 27, 2022
@carnage4life Gaslighting in a bull-market accelerates the network effects of pyramid schemes towards a sustainable ecosystem. The lie becomes too big to fail 😁