Ethereum had been very good to me throughout the pandemic, while knowing full well that I was riding the wave of a convoluted Ponzi scheme. But when I heard the Winklevii and others talk of the impending "crypto winter" I sold it all. I still believe there's money to be made there, but not until Wall St. regains its footing. Diametrically opposed to how it was billed, stocks and crypto are intrinsically linked.
'people have been lending money forever and that's technically yield farming - that's not a ponzi scheme'
yeah, it pretty much is but nobody wants to admit it because it's hard enough to admit when you get duped as an individual, but as a society? admitting everyone got duped? that we're all suckers? impossible.
Yep, there's a reason old-school Abrahamic religions banned usury, or lending in general. Nowadays "usury" usually just means unreasonably high interest rates or something. I think culturally Muslims still shy away from debt (both as loaners & debtors) but obviously global capitalism supersedes that.