I have to disagree with point 3. I think, due to imbalances in incentive structures, you sometimes have to take the “haters” criticisms into account.
Take cryptocurrency and NFT’s for example. Proponents of NFT’s, who were financially invested, had a huge financial incentive to talk up their usefulness. They can make gargantuan sums of money from hype, and hence can full-time employ very smart people, fund their own media ecosystem, etc. You can find any number of highly researched and polished literature talking up the
But what if you (correctly imo) thought that NFT’s were a useless bubble? There were no big venture capitalists throwing out money for criticising NFT’s, and shorting them was not really a valid financial path for a variety of reasons. Debunking NFT proponents is a lot of work, which doesn’t make a lot of sense to do if you have a day job.
But there is one incentive to critique NFT’s that is powerful enough to motivate that kind of work and effort: Hatred of NFT’s. This comes from someone who’s been scammed, knows someone who’s been scammed, or just pure “someone is wrong on the internet” energy. So of course they come off as “FUD” and haters with a dose of schadenfreude. The non-haters didn’t bother writing lengthy critiques, they just shrugged, said it looked kinda dumb, and went on with their lives.
I hope the analogies to FTX and EA are clear here. EA is highly obscure, with a similar financial incentive imbalance in place. If you want people to put actual effort into critiquing it, you either need to pay out more to skeptics (I fully support the critique competitions), or put up with some haters who may still have legitimate points.
I have to disagree with point 3. I think, due to imbalances in incentive structures, you sometimes have to take the “haters” criticisms into account.
Take cryptocurrency and NFT’s for example. Proponents of NFT’s, who were financially invested, had a huge financial incentive to talk up their usefulness. They can make gargantuan sums of money from hype, and hence can full-time employ very smart people, fund their own media ecosystem, etc. You can find any number of highly researched and polished literature talking up the
But what if you (correctly imo) thought that NFT’s were a useless bubble? There were no big venture capitalists throwing out money for criticising NFT’s, and shorting them was not really a valid financial path for a variety of reasons. Debunking NFT proponents is a lot of work, which doesn’t make a lot of sense to do if you have a day job.
But there is one incentive to critique NFT’s that is powerful enough to motivate that kind of work and effort: Hatred of NFT’s. This comes from someone who’s been scammed, knows someone who’s been scammed, or just pure “someone is wrong on the internet” energy. So of course they come off as “FUD” and haters with a dose of schadenfreude. The non-haters didn’t bother writing lengthy critiques, they just shrugged, said it looked kinda dumb, and went on with their lives.
I hope the analogies to FTX and EA are clear here. EA is highly obscure, with a similar financial incentive imbalance in place. If you want people to put actual effort into critiquing it, you either need to pay out more to skeptics (I fully support the critique competitions), or put up with some haters who may still have legitimate points.