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The DAO of Pooh

Las Vegas
Photo by PhotoQuest/Getty Images
William D. Cohan
December 15, 2021

You’d have to be living on Mars with Elon Musk not to have realized by now that most asset prices are historically overpriced: In addition to Tesla (worth more than $1 trillion even though it makes most of its profits from selling carbon credits, not electric cars), there are the famous meme stocks, such as GameStop, AMC and Hertz; there’s the publicly traded New Jersey deli (until very recently valued at more than $100 million; now still valued at a head-scratching $77 million); and of course Bitcoin, with a total value of more than $900 billion. That’s to say nothing of the many cryptocurrencies you’ve never heard of—Monero, anyone? Meanwhile, an NFT sold recently for more than $90 million and a ranch in Montana sold for $200 million to Rupert Murdoch, who is 90 years old. You get the idea.

Now, we may have reached the apex, leading some to wonder whether we have truly entered a collective late-Covid consensual tulip-craze. Enter: Olympus DAO, the progenitor of a crypto token that appeared on the market earlier this year and that bills itself as the world’s “decentralized reserve currency.” Olympus DAO currently claims to have a market value of around $2.7 billion, and has quickly become the vanguard of our WTF, YOLO, FOMO economy. “Yes, it’s a Ponzi scheme,” wrote Andrew Thurman recently on, before hastening to add: “But who cares? So are the dollars in your pocket.”