Apropos of nothing: people have this perception that it is stupid, unsophisticated amateurs who lose money to scams and manias. Not true.https://twitter.com/semil/status/892163113159544832 …
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Replying to @patio11
Bernie Madoff and the mortgage-back CDO financial crisis, to name just two of a thousand examples, primarily affected smart, rich people.
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Replying to @patio11
I understand why IRRs of 10000%+ are impossible to ignore. They're also impossible. Point blank. It is not different this time.
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Replying to @patio11
Cryptocurrency is downright fascinating to me because it is a memeplex that does transaction processing, poorly, as a side effect.
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Replying to @patio11
Patrick, I think you are being unfair to crypto coins. There are fundamental reasons for BTC's rise. Background: https://www.chrisstucchio.com/blog/2014/demand_for_bitcoins.html … 1/
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Key formula comes from the Baumol-Tobin model of monetary demand: BTC/USD = O(sqrt(transaction cost x BTC economy size)). 2/
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Transaction costs have skyrocketed. 3/ https://bitinfocharts.com/comparison/bitcoin-transactionfees.html …
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Demand for BTC has also skyrocketed, due primarily to wealthy Chinese trying to evade capital controls. 4/ https://www.forbes.com/sites/laurashin/2017/01/05/the-2-factors-that-drove-bitcoins-20-overnight-price-plunge/#7aeec3647170 …
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I have heard the China capital controls explanation repeatedly but do not think it is credible. Think most real China volume is speculation.
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