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by stuxnet 1492 days ago
That doesn’t explain anything. The broader stock market valuation bears no resemblance to reality and hasn’t for a while.

Crypto does have value. Not all of it, but again we could make the same comparison with ridiculously overinflated stocks like PTON or CVNA.
1 comments
JumpCrisscross 1492 days ago
> doesn’t explain anything. The broader stock market valuation bears no resemblance to reality and hasn’t for a while.

This is irrelevant to the game dynamic. (Trading stock in the short term is usually gambling, by the way, because trading per se is a zero-sum game.)

> we could make the same comparison with ridiculously overinflated stocks like PTON or CVNA

One, I can buy a Peloton. People pay for Pelotons. Positive sum. Two, if you go all in on Peloton stock, yes, you're gambling.

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stuxnet 1492 days ago
You’re arguing semantics. No one is arguing that dumping all your money into Bitcoin or PTON specifically is a good idea.

> One, I can buy a Peloton. People pay for Pelotons. Positive sum.

Yes and once Peloton runs out of people to sell overpriced bikes and treadmills to, the valuation will (hopefully) return to reality. Uber continues to lose money on every ride.

If you’re going down the “people pay for it” route, we could say that people also pay for NFTs of monkey pictures.

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JumpCrisscross 1492 days ago
> If you’re going down the “people pay for it” route, we could say that people also pay for NFTs of monkey pictures

I think NFTs are silly, but they are positive value systems. Like art.

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