People have forgotten what unregulated markets are. We have 90 years of SEC and well-regulated stock markets. And it turned out very well. People can trade with some confidence that there are rules and so on. And people are talking about crypto, bitcoin and so on, as if it’s a well-run market with large volumes, where someone checks that no one is lying about everything. And none of this happens.

A crypto heap is not a heap of capital that you can develop or invest or anything else. These are just some of the things you can buy, sell or keep. And early investors can only pay with the money of later investors. There’s no way, “we’ll all make it,” because it’s a game of winners and losers, and winners are big guys, and losers are moms, dads, grandmas, and young people who are desperate in their economic situations and looking for “one weird trick” which they may have to win.

All this provided that there are no real options for using the crypt.

I will not say that philosophically it is impossible, but I will say that in 11 years, when you were able to exchange bitcoin for real money, and for all the different descendants of bitcoin, it did not turn out. So I would say that the burden of proof lies solely with the defenders to come up with something.

I could try to argue that.

But you would have to use words the future could, perhaps hypothetically, perhaps could, and all those other words that mean “no”. All these other words mean, “It doesn’t do any of these things at all. I’m just trying to make you think like it’s doing it, even if it’s not.”

Well, the argument would be that because real use cases of blockchains are being won, thanks to the release of crypto tokens that have real economic value in real networks, not all tokens will be magic beans.

All of these things where “we have the option of using a blockchain” are an amazing feature that we may well do without blockchain. We turned on the blockchain for incredible reasons, and by the way, there is a token on which you can fully make money. There were coins for journalism on this basis, coins for solving the banana market on this basis, coins for solving dentistry on this basis.

What makes it such a puzzle is that everything you say has been around for years, but the party goes on. The economy has a concept, an efficient market hypothesis, which says that asset prices in general should reflect all available information –

A strong version of the efficient market hypothesis to a hilarious false, and the crypt proves it.

I agree with you, but I wanted to say that, for example, a couple of weeks ago Sam Bankman-Fried, who is the CEO of FTX, one of the largest cryptocurrencies, confessed that many cryptocurrencies are Ponzi schemes. And yet so many people have not yet fled the market. I think I’m wondering if this isn’t a cryptocalypse – if it’s just another cryptozyme that will eventually give way to further cryptocurrencies and summer – what b should it happen for the crypt to finally collapse?

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