The rubric says it all. Crypto is dominated by bundle engineers who deliberation they are much knowledgeable than they really are, particularly erstwhile it comes to fields similar economics and concern that are FAAAAR retired of their wheelhouse.
Terra's nonaccomplishment was a nonaccomplishment of economics much than it was a nonaccomplishment of engineering. Even the champion bundle engineers are lone arsenic bully arsenic their inputs, and they had shitty inputs. They thought they understood proviso and demand. They didn't. They thought they were coming up with thing new. They didn't.
The full Terra/Luna "mint and burn" mechanics is besides known by different sanction successful TradFi: the Death Spiral Bond. It is specified a atrocious thought that it is lone employed by the astir hopeless of companies due to the fact that of however easy it tin get retired of hand. For an manufacture wherever innovation and meritocracy are supposedly valued, you'd deliberation idiosyncratic with adjacent a sliver of power would person recognized it for what it was and raised informing bells. But picture Terra's mechanics to a azygous TradFi fiscal advisor oregon analyst, and they volition politely diminution your concern and laughter astatine you erstwhile you locomotion retired the door.
But if you deliberation Terra is the lone large crypto task that is deluding itself with overly optimistic assumptions astir however economics works, you've got different happening coming.
That should springiness you an thought of conscionable however incredibly immature this manufacture truly is, however small existent expertise is moving connected these things, and however overmuch each of it is inactive successful the experimental stage, adjacent alleged "blue chips" similar Bitcoin and Ethereum.
Even Satoshi was a unspeakable economist. He thought Bitcoin would marque for a bully integer cash, and it ended up turning into thing nary 1 wants to walk ("HODL!") due to the fact that everyone's excessively acrophobic it'll satellite the adjacent day. That makes it an objectively atrocious currency. And Bitcoiners are not unsocial successful this. If you've ever praised "deflationary tokenomics," you're blameworthy of it, too.
Compounding ALL of that is the information that the crypto manufacture as a whole is little than 15 years old. Ethereum is hardly 7 years old. And DeFi is little than 2 years old. Even the guys who invented Solidity don't person a decade's worthy of acquisition successful the language.
I'm not being anti-crypto, I'm conscionable being realistic. I'm inactive invested (~10% of my liquid nett worth) and inactive DCAing. But fuuuuck, I can't hold until this assemblage gets its caput retired of its ain ass astir however "innovative" crypto is and however it volition devour the TradFi industry, and conscionable absorption connected gathering bully and functional products alternatively of turning into motivation philosophers astir economics and politics.