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> Every buy and sell order is an (arguably superior) source of knowledge as to what is happening in the real world. If they replaced (arguably superior) with (
by brohee 9y ago
> Every buy and sell order is an (arguably superior) source of knowledge as to what is happening in the real world.
If they replaced (arguably superior) with (real if possibly flawed) I might be tempted to take them seriously. But this belief in perfectly efficient market is hilarious, especially in the face of all the people getting rich out of market inefficiencies...
- wpietri 9y agoDefinitely. I think of markets as a technology. You have problem X, you can solve it with a market structured with A, B, and C. So it's really weird to me the extent to which markets have become a religion. In some quarters, a fundamentalist one. I have similar concerns with Bitcoin. The technology is really neat. But it doesn't have users so much as it has adherent, devotees, and apostles.