| > I think you have an outdated view of what a stock really is. Yeah many people tend to believe that "everything has changed" every once in a while. There are records of claims like that since the mid 17th century and continously thereafter. The way I see it things tend to repeat themselves and never really change in the stock market. A more historical point of view could be eye-opening, at least it was for me. > That doesn't seem to be where the value is pegged. It is in a way or the other. In case of Apple there's a pretty direct evidence, in other cases it's more indirect. You could see it as a floor price. Companies can be valued way more than the value they produce/own but it's difficult that they are valued less than that. Cannot say the same of a token. > The same way you can sell the token to another speculator. The whole point here is that you DO NOT have to necessarily rely on other people expectations to make/loose money with a stock. You DO have to with a token. That's the difference between speculation and investing. Why is that? Say a company keeps on generating profits and making buybacks yet the price keeps on falling: it won't be long before it gets noticed by people with enough resources who can take control and distribute dividends. This inefficiency is so easy to exploit that de facto the market just aknowledges the value pushing the price up. Yes of course you can also treat a stock as a token and just speculate on it, just base your decisions on what other people will think that the others will think that you'll think etc. But you don't have to ! You do have a choice, which a token doesn't give you. |