I've called Bitcoin "an integer with a story", and the story part is what differentiates it from purely speculative bubbles like Beanie Babies. But I think that dynamic is more complicated and subtle than Krugman gives it credit for. There are layers!https://twitter.com/paulkrugman/status/1395073993967816705 …
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This search for the right pairing between story and speculative asset is the big research project in cryptocurrencies right now. Do you rebuild the motor with fancy new tech (Ethereum, Chia), or do you focus on the styling and fun? (Dogecoin). What story sells itself best?
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There's of course an alternative possible pathway for capital, which would be to fund innovation, build companies that created genuinely useful goods and services, and so on. But that pathway has been broken for over a decade, and so we get this bizarro economy instead
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On an artistic level, a currency that you can't trade, safely store, or buy things with, and a store of value that becomes instantly illiquid in any crisis, is a high achievement. And of course NFTs where you burn actual art after putting it on the blockchain make it next level
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The right way to think of cryptocurrency is not as a bubble, but a blister. It will just keep re-filling every time it pops, until we find a cure for the underlying problem.
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End of conversation
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Love that turn of phrase there, re:turtles and down-ness
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This one's interesting too because there was sort of a core of "analysis" that built the hype around an activist investor getting onto the board and planning big changes. But htat's the true believer stuff that trickled to WSB & become memes.
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GameStop has a belief in a future short-squeeze used as an underpinning to hold up it's value, and is at least an actual stock which does confer something of value, however overpriced Dogecoin is truly and actually worthless, with no even theoretical utility. And yet!!!
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unless it's 'offered' by Robinhood i find it hard to correlate GameStop, which is a retail real estate outfit, with any cryptos
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