All models are wrong but some models are useful in a domain. Take market capitalization: arms-length trades of a small float of stock is a good-enough-to-reason-about approximation for how valuable IBM is relative to Chipotle. Cryptocurrency market caps are not the same model.
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Twitter informs me that one particular cryptocompany (does it even matter which?) is now the 10th biggest company in the world by market capitalization. Does that pass your laugh test? At all? The underlying economic substance is less than that of a single-location shoe store.
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What is the market cap of govt-issued currencies (EUR, CAD, AUD, GBP, JPY, etc) as measured in USD? Talking about Euros' capitalization doesn't even sound like it makes economic sense.
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key phrase seems to be "but folks pretend it still applies." exploding cryptocurrencies are a market for human greed and stupidity, and there's unlimited supplies of both. How much have we lost out on by being naysayers while people who "just don't get it" cash out millions?
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