The Importance of Having Skin In The Game

in bitcoin •  11 months ago

Today, as I was browsing my feed, I stumbled upon this tweet. I am not a fan of Roger or Andreas but I respect both of them for different reasons. To the naked eye, Antonopoulos and Roger might seem similar when it comes to their vision about liberty, independence and blockchain technologies. Nonetheless, these folks are fundamentally different in respect to one thing that matters the most: Skin in the Game.

To have "skin in the game" means to have incurred risk (monetary or otherwise) in what you support. In other words, it is not enough to just shill an ideology. It is far more important to invest in it. It is important to do this in every possible way. Andreas Antonopoulos has been in the Bitcoin scene the early days. For those who don't know him, he was one of the first evangelists of the technology. Later on, he was picked up by a few BTC whales to do some promotions (for obvious reasons). Since then, he became an icon around the space, issued a book and started making a living out of it by receiving payments in BTC.

For many investors his financial decision makes sense from a diversifying point of view. Andreas most likely kept making most of his living in FIAT while having BTC being a side gig. I honestly do not think he believed it was going to turn to be valued as much. He rather believed in the blockchain technology and the potential that can offer. He did not have skin in the game of Bitcoin and this is where the remark of Roger Ver comes to play.

Skin in the game is the most important part of life. Without it, every single word someone spouts means nothing. This is why actions are more important than words. At the end of the day, this is what defines us. Politicians like to overgeneralize as much as possible because they don't have skin in the game. Academics do much the same, expecting that their teachings matter more than those who develop the actual technology or those who invest in it financially.

Talk is just talk. It cannot be measured due to the chaotic patterns of the network around us. I could easily say that my preachings about BTC influenced millions since I was preaching it before Andreas. That would not matter though because it cannot be proved. It can only be believed by people who adhere to the survivorship bias. We see how important someone or something is, only after it has gained some acceptance in the space. This is also why since last year we get so many "crypto experts" that were virtually unknown 2 years ago.

"Putting money in our words", defines a human being in more ways than one can think. It changes one person fundamentally. It teaches discipline and dedication since now your own person is at risk. In a society where money is almost everything, investing in what ones believes is proof of dedication. Those who really believed in Bitcoin mined it, spend in on goods, preached it to friends and created an entire ecosystem which has now rewarded them greatly. That is the proof of what they said mattered. Their own success. People like Roger have skin in the game. People like Andreas, not so much.

Of Course Andreas might be lying or underplaying his investment so he can stay "Safe" but I doubt it. He is a brilliant man, perhaps the most gifted in the space when it comes to spreading the word. Nonetheless, his agenda through the years has been shaped by his patrons. Perhaps he didn't invest in BTC because he saw how the public can be manipulated when whales asked him to promote Bitcoin. Perhaps he understands that Bitcoin is much like Netscape in the early days of the internet. Either way, skin in the game is what should have defined him if he was really a true believer of blockchain technologies.

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Could not agree more. I always jump right into things I like to learn about and get my skin in the game as fast as possible.


Me too. I am two days old - just got into bitshares. All other exchanges want my document numbers.

Bitshares now holds over $30k - I am starting small.

You just got a follow from me. Andreas is the one person I do listen to. I was an early miner, gave a bitcoin away daily as I prompted my friends to download an app and watch it transfer. Many deleted it.

Others say, "I wish I had gotten in!"
Then I suggested dash (at 3.00)
Then I said "Steem is at .035 cents - get it"
Some even got as far as posting one post, then cashing out.

I got out of Bitcoin when it slowed down a year ago.
Into dash at 9.00 which turned to and into Steem at .04
and I am way to lucky to talk.

Your writing is far superior to mine - keep going. You have my support.

Taleb speaks the same things about politicians and tenured teachers. They have zero skin in the game. He mentions the idea about "lecturing birds on flying". Academics telling everyone how to live, how to spend money, how to interact with each other and how to vote. Go f*** yourself is what everyone should say.

Put some skin in the game, take a real risk! That is what drives real value in life. Great post.

I find that also most of steemit experts don't have their skin in a game.


Experts rarely have skin in the game. That's why they are experts. See the irony:)


Ha! I often wonder about the real value of the contests and other stuff. Bottom line is this: good content is good content and I found this to be so.

All i know is that much is still expected in cryptocurrency, soon its gonna take over!

I'm not sure I'd agree that he doesn't have skin in the game. He may not have invested much money in Bitcoin (maybe he didn't have much at the time?) but he has certainly invested a hell of a lot of time to learn about Bitcoin himself and then share that knowledge with many other people. To say that somebody doesn't have skin in the game when their entire reputation and last few years of work is linked to the fate of bitcoin is a little unfair. Is the only way to have "skin in the game" through financial investment or could it not be argued that Andreas does, in fact, have skin in the game in the ways I previously mentioned?

Lastly I'm sure that he does have a valuable stake in BTC. Just because he's not a "bitcoin millionaire" doesnt mean he's not sitting on at least a couple of hundred thousand dollars worth.


For a man who claims to understand economics, I am sure he could leave $300 on the side for th ideology that mostly defines him

The main point of your article is right-on. Having skin in the game entirely changes our perspective--always for the better. Frankly, without skin in the game, a lot of what we do is guesswork and possibly even hypocrisy in some situations. There is another word for that too: practice what we preach.
Great post.

I don’t like Roger Ver, I used to appreciate him months ago but now he seems spoiled and too much money driven, Andreas instead has always been honest.

Nice opinion. Way too many assuptions for my taste.
"Andreas might be lying or underplaying his investment" - I do believe that is the case. We wont ever know how much does he actually have or wants to have.

I listened to both....way before Bcash fork. And I found Roger to be less trustworthy. Im not gonna assume Andreas is payed by whales because I cant prove that. I just judge them by the merit of detected bullshit.


Roger is a straight-up scammer. Since Mt. Gox
Check this video out. You can tell he is lying and reading off a screen. Heck he almost has a psychopathic smile


Hehe. This video is his nemesis :)

One must be wise but see opportunity in the raw. Those who chose to invest in cryptocurrency early saw the potential, took the then gamble and now can say they are investors. This insight in a business opportunity applies across the board. Crypto and Steem are still young with growth potential. I believe these different cryptos are beta tests for one final digital based crypto currency replacing the old paper system. If you are not invested I encourage you to do so today. It is not going away. As time passes so does your golden opportunity. Thanks for sharing on this subject.

Resteemed. This is one of the best posts I've read in a while

Exactly, practice what you preach!

Even though gambling & betting can be seen as a disease or something negative, placing money on your predictions indirectly improves the quality of your predictions because you become more careful & thoughtful about making them. This is often why the numbers given in prediction markets are often a good data sources for forecasting certain events, sometimes better than other methods.

Most Muricans don't understand the concept of haviong "skin in the game", they'd much rather punch a timeclock and pontificate about how they'd be much better at running the business than the owners.

If only someone would give them a business to run, they'd be awesome at it.