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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“But this time is different"
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The fake one where Al Bundy worked...
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1: As someone who comes from the econ background, there is a lot to be skeptical of. I think perhaps they should not be thought of as companies, that frame of reference makes it difficult. More like central banks, since their liabilities are their currencies.
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2: If any of these can become a reserve currency, then we are talking about massive amounts of value; it is hard to quantify the value of the US dollars "exorbitant privilege" as the world reserve currency. Perhaps even a fraction of this would justify these valuations.
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