Old Money, New Scams.

Yeah, so here’s what’s happening: you’ve got a bunch of old people with no idea what’s going on with crypto — or AI for that matter — but they’ve got oversized capital, oversized power, and oversized political representation. And now AI comes along, and suddenly there’s this perfect mechanism to scam these people at scale.

So when I see money getting thrown around, good after bad, into these bonkers valuations about what AI could be, it kind of makes sense. The buyers are uninformed, they’ve been blissfully uninformed for years, and they’re overrepresented and overcapitalized. So of course you get this market designed to exploit them.

And honestly, that’s the one way I can rationalize the overvaluation of AI companies: it’s not just about the tech, it’s about a system perfectly set up to fleece the people who’ve been coasting on power and money.