My friend has some EOS, such a bad investment, just keeps going down and down. Luckily he didn't put much into it but still a waste.
Personally I hope it crashes and burns, so there are many pissed off investors complaining to securities regulators in their nations. To punish so perhaps our ecosystem might become more focused on real technological and business model innovation.
Unfortunately (or fortunately if youre one of the bag holders) it probably will not. FOMO is a powerful psychological and economic phenomenon.
Had they raised $10 million, I would be much less vocal. Maybe said nothing in that case. Give the benefit of the doubt about what Dan might do with $10 million to make an important breakthrough. But $200 million is
not justifiable (if they did in fact raise that much, might just be buying from themselves).
Well a more open-minded viewpoint is that the free market destroys the capital of those who misallocate it. So perhaps it is all meant to be. It is the process. See ya
Interesting point below about how it is not due to stupidity but rather selfishness/avarice that drives us away from valiant pack behavior towards self-destructive flock behavior:
Sheep Logic - This Is The Age Of The High-Functioning SociopathThe determination to pursue any behavior that meets Hallmark #1 and #2 to absurd ends, even unto death. My worst sheep suicide story? The first year we kept sheep, we thought it would make sense to set up a hay net in their pen, which keeps the hay off the ground and lets the sheep feed themselves by pulling hay through the very loose loops of the net. Turned out, though, that the loops were so loose that a determined sheep could put her entire head inside the net, and if one sheep could do that, then two sheep could do that. And given how the hay net was hung and how these sheep were sensing each other, they started to move clockwise in unison, each trying to get an advantage over the other, still with their heads stuck in the net. At which point the net starts to tighten. And tighten. And tighten. My daughter found them the next morning, having strangled each other to death, unable to stop gorging themselves or seeking an advantage from the behavior of others. The other sheep were crowded around, stepping around the dead bodies, pulling hay for themselves out of the net. That was a bad day.
In both markets and in politics, our human intelligences are being trained to be sheep intelligences. That doesnt make us sheep in the modern vernacular.
We are not becoming docile, stupid, and blindly obedient. On the contrary, we are becoming sheep as the Old Stories understood sheep
intensely selfish, intensely intelligent (but only in an other-regarding way) and intensely dogmatic, willing to pursue a myopic behavior even unto death.