imagine a group of ppl feeling rich b/c they own meow-casso paintings. they have a 1M mortgage, 500K credit debt, but 5M in meow-casso paintings however... the paintings have massive volatility causing that portion of their assets to fluctuate 1M to 10M
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when the painting price is high, the owner can take out debt and use it like cash using the asset as collateral when the painting price is low however, there is no way to take out more debt since the net worth is now negative this creates a state of No Money/Liquidity
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thus the owners of the paintings can agree to mutually collude on price. if the paintings are ONLY sold to each other at high price points, their net worth will remain permanently high and they can enjoy the liquidity from debt
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if the narrative is robust enough and maintained over a long enough period it becomes canon. the high volatility is forgotten as demons fade into myth e.g. having a mountain of gold and cash is not particularly useful when watching a nuclear bomb fall into your neighborhood
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while the meow-casso paintings work for a small individual of private rich folk who have the leverage to hamfist a narrative into the public consciousness, this mechanism also works for the masses. e.g. the housing bubble of 2008
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also doge. doge’s price is just as real as the real estate prices. anything that becomes large enough in the collective conscious is effectively real to hodl is make everyone feel rich just as staying in a cult makes everything feel meaningful
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