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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I just doubled checked the paper. It seems that taleb’s argument does not depend on actors being rational. He just refers to “rational” in the context of including future price variations in the price ‘now’? That’s at least how I interpret it.
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What I'm arguing is that it's a category error kind of like trying to find the net present value of spending a year in Purgatory. The Bitcoin thing is a belief system and worldview that is only cosplaying as an asset class.
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