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196 - 10 Timeless Lessons for Crypto Investors With Morgan Housel
Bankless
The Power of Incentives: Lessons from the Last Crypto Cycle
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The power of incentives is often underestimated. In the crypto industry, bad incentives led to justifying and defending Ponzi schemes. People's behavior can be influenced by crazy incentives. After the 2008 financial crisis, many criticized Wall Street, but they overlooked the fact that they might have acted similarly if offered a large bonus. People's morality is often tested by incentive situations. Chris Rock's skit highlights that men's faithfulness is influenced by their options.
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