The problem with the greater fool theory is that while fools are available in quantity the quantities are actually finite, in a way that actual creation of value is not. The reports on who is making up this wave of Bitcoin investors should be sobering.
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Right, but I assume they’re a rounding error compared to China. Is that wrong?
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I think that people *really* overstate the China capital flight use case. (Speculative frenzy, sure, but US middle class can throw more money at speculative frenzy than China middle class can, and I think either does or will soon.)
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