I disagree. Not with any particular detail, but with the "all told..."
I think it's incorrect to the of crypto-currencies/etc as heading towards some sort of equilibrium.
>>"Check out meme stocks a few years later. Remember, all this stuff is zero-sum. For every winner, there has to be a loser."
I think this is similar to the mistake of the last 4 decades' monetary/macroeconomic theory and practice. Expecting that inflation/default would ultimately balance/equilibrate rising public debt. Well... debt rose for decades while inflation remained much lower than it had in earlier periods.
Same here. Sure, the equilibrium price for bitcoin may be zero. In that case, for every winner there is a loser.
I think it's incorrect to the of crypto-currencies/etc as heading towards some sort of equilibrium.
>>"Check out meme stocks a few years later. Remember, all this stuff is zero-sum. For every winner, there has to be a loser."
I think this is similar to the mistake of the last 4 decades' monetary/macroeconomic theory and practice. Expecting that inflation/default would ultimately balance/equilibrate rising public debt. Well... debt rose for decades while inflation remained much lower than it had in earlier periods.
Same here. Sure, the equilibrium price for bitcoin may be zero. In that case, for every winner there is a loser.