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

Source: https://farcaster.xyz/polynya/0x40a8904c
Kiwi News: https://news.kiwistand.com/stories/polynya-crypto-repeats-historical-mistakes-with-DAOs-DeFi-and-gambling?index=0x69771a57cd10db81c3bf66abb95788f911d746bd53a9642d3727b98e63ad4513b1d6a88a
Submitted by misha on 2026-01-26 UTC, 5 upvotes, 0 comments

## Summary

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.

## Article

Most of the crypto industry's mistakes are because cryptobros seem to be either ignorant or delusional about a mountain of evidence from the real world. They never seem to learn, and keep repeating the same mistakes over and over, shockingly till this very day.

DAOs should have been based on cooperatives instead of public companies. Were that so, they would actually be decentralised, rather than corporatist theatre. 

DeFi shouldn't have tried every single mechanism that had been proven to fail time and time again through centuries of economic history. 

We should have pivoted from a 100% focus on infra to applications in 2021/22, and maybe we would have growing usage now. Instead, growth in demand has been a negligible fraction of even pessimistic expectations. 

Gambling has devastated economies countless times throughout history. In crypto, the worst gambling was encouraged with zero resistance, and that has now destroyed the altcoin market. 

Many, many, such cases.