So total cryptocoin market cap just hit $0.5T today. But have we *earned* it?
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If you wish, feel free to interpret my remarks as "the public clearly has very very high expectations of us, and this makes me feel worried and uneasy inside. We need to try harder to make this actually work"
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"There was something almost nightmarish about how everyone seemed to now expect Harry to pull miracles out of his hat, any time one was needed. It meant that if you couldn't do the impossible, you were disappointing your friends and failing to live up to your potential..."
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I find it tough to apply EMH here. German telco's market cap was $500bn at peak dot-com bubble. Less confidence, more mindless speculation and fear of missing out. Marginal technical knowledge of new investors goes down by the day. Tough to be ignorant & confident.
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So just to give us some reasonable bounds here - what would *full* market confidence look like? Is it basically the whole world agreeing that Ethereum /Crypto are going to be foundational to the global economy? What would the price be at that point? How far away from that are we?
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10x? 100x? 1000x? Are there any good reasons why the prices might be justifiable at these levels?
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