What we talk about in the book is, no, there are actually some things where they don't just get built sooner because there was a bubble.

The only reason they exist was a bubble.

The only reason that they exist was that for a brief period in time, so many people were so confident about some very specific change in the way the world works, some deployment of particular technologies or changes in organizational structure.

They were so confident in this that everyone knew that if they make a bet that only makes sense

if this actually happens, that bet has a much higher chance of paying off, but only if you

make that bet right now.

Welcome to Bankless, where today we explore the frontier of why bubbles are good. This is particularly relevant in crypto, I would say.

This is how to get started, how to get better, and how to front-run the opportunity.

I'm Ryan, Sean Adams.

I'm here with David Hoffman, and we're here to help you become bankless.

Our guest today wrote a book on why bubbles are good. Basically

the thesis is we are in an era of great stagnation, productivity, the economy, our culture of

risk aversion has made it such that we are underperforming relative to where we need to be.

And he says, bubbles, speculative booms, are actually the way out.

A lot of material here I think is super relevant to crypto.

I think this audience is going to be a little bit more accepting of some of the

theses presented by Byrne in his book, the idea that bubbles are actually conduits for progress.

Not all bubbles, but some bubbles. And I think

we all live through these experiences going through the many crypto cycles. It's weird to live

through one bubble, I would say. But in crypto, we live through bubbles every four years. So we

are intimately aware of like how these things work and what they do and how they impact progress.

But Byrne also advocates for like, well, not all bubbles are good. Some bubbles

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