@polynya: crypto repeats historical mistakes with DAOs, DeFi, and gambling

Polynya argues that crypto keeps repeating mistakes that real-world history has already documented, attributing this to cryptobros being either ignorant of or delusional about that evidence. The post says DAOs should have been based on cooperatives rather than public companies, which would have made them genuinely decentralised instead of corporatist theatre. It also argues that DeFi tried mechanisms that economic history had already shown to fail repeatedly, and that the industry should have shifted from infrastructure to applications in 2021/22, when growth in demand has since been a negligible fraction of even pessimistic expectations. Gambling is cited as having devastated economies many times, with crypto's worst gambling described as encouraged without resistance and as having destroyed the altcoin market.