Messari Founder Says Greater Fool Theory Will Soon Crush DeFi Traders

Messari Founder Says Greater Fool Theory Will Soon Crush DeFi Traders


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Messari co-founder Ryan Selkis is putting decentralized finance (DeFi) traders on notice.

In a tweetstorm, Selkis predicts that the growing DeFi bubble will pop sooner than most people expect.

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“We’re nearing the apex of ponzi economics, rug pulls, and ‘yield’ hopping, and ETH fees are going to eat too heavily into non-whale profits.”

The Messari chief executive also highlights the similarities between the DeFi bubble and the ICO boom of 2017.

“ICOs boomed for a while because everyone (laughably) thought there would be a coordinating utility token for every industry. DeFi is just one big pool of capital sloshing around a small group of insiders and mercenaries who will soon run out of victims to fleece.”

Selkis compares the space to greater fool investing – the theory that you can make money on overvalued investments by selling them to new, gullible investors later on.

Still, Selkis is a fan of the innovation that

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