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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Indeed, that's the fascinating piece of this. Everyone's incentives make sense, and yet the system as a whole looks profoundly nonsensical. My worry is that having a complex view of the ecosystem may actually make it harder to make money from it than being a lucky sheep.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Aren’t your people who think that Bitcoin is a lottery ticket that can’t lose irrational? There are some economists who argue that bubbles can be perfectly rational, but sociologically and historically, the traditional dupes, speculators and bezzle approach seems the right one.
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"Can't lose" is irrational. Lottery ticket is rational and is being reinforced day by day by stories of ordinary folks becoming crypto millionaires.
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