In my experience, people seem to coordinate ok when they genuinely share the same goals. A lot of friends of mine have mostly shared the goal of ‘make six to eight figures on crypto’. Truly enormous amounts of money was loaned on trust. Several deals were made when the price was still unclear (just get me 30K on Biden) and people never asked for receipts. No one was ever stiffed out of their money. As far as I know, there has not been a single serious dispute.
Many of the people involved don’t even like each other! And yet huge amounts of money changed hands based on reputation and trust. Many people were willing to help out people they didn’t even like at moderate or high risk to themselves (and no upside, just screwed over or neutral). This is very common in crypto. Even at the scale of OTC desks, many things are run on trust. There are definitely scammers but among the ‘community’ most things are settled in a very high trust environment.
If people really want they can coordinate. Most of the time there are actually hugely conflicting goals and people don’t want to ‘coordinate’.
I will say people working on ‘finding the best mtg deck’ seem to coordinate really well too. If you don’t spend much time in communities with genuinely shared goals it is easy to forget what it looks like!
In my experience, people seem to coordinate ok when they genuinely share the same goals. A lot of friends of mine have mostly shared the goal of ‘make six to eight figures on crypto’. Truly enormous amounts of money was loaned on trust. Several deals were made when the price was still unclear (just get me 30K on Biden) and people never asked for receipts. No one was ever stiffed out of their money. As far as I know, there has not been a single serious dispute.
Many of the people involved don’t even like each other! And yet huge amounts of money changed hands based on reputation and trust. Many people were willing to help out people they didn’t even like at moderate or high risk to themselves (and no upside, just screwed over or neutral). This is very common in crypto. Even at the scale of OTC desks, many things are run on trust. There are definitely scammers but among the ‘community’ most things are settled in a very high trust environment.
If people really want they can coordinate. Most of the time there are actually hugely conflicting goals and people don’t want to ‘coordinate’.
I will say people working on ‘finding the best mtg deck’ seem to coordinate really well too. If you don’t spend much time in communities with genuinely shared goals it is easy to forget what it looks like!