Taleb's argument is indisputable. When bitcoin failed as a payment system and became an income-free speculative asset then its terminal value is contingent on expectation of infinite greater fools and thus its present value cannot be anything but zero.https://arxiv.org/abs/2106.14204
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It's only an argument about present value, not about price.
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Oh, I see your point. To me Bitcoin is far more about psychology and sociology than asset pricing theory, so that part of Taleb's argument rang hollow to me.
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That's what he said. At any given time the market value can be non-zero even though strict mathematical analysis will always show the present value as zero.
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You need more then that, those true believers have to keep buying because it costs money for the Bitcoin network to exist. Price can never stabilize with only dead enders left standing unless they never stop adding fiat to pay the miners.
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Or people wanting a collector's item
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