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Let me see if I'm following his logic. 1) He thinks Bitcoin should be worth zero 2) People keep paying more than zero for Bitcoin 3) This discrepancy destroy
by panarky 9y ago
Let me see if I'm following his logic.
1) He thinks Bitcoin should be worth zero
2) People keep paying more than zero for Bitcoin
3) This discrepancy destroys the Efficient Market Hypothesis
4) If the EMH is bullshit then markets for other assets are bullshit since they also rely on the EMH
5) Therefore now the valuation of other assets is also bullshit
6) Regulators should curtail trading in Bitcoin futures since it shows the EMH is bullshit and that undermines all markets
Brilliant analysis.
- SAI_Peregrinus 9y agoMy favorite bit about the EMH is that there's a proof that it implies that P = NP. Since that's incredibly unlikely to be the case it's really quite silly to assume the EMH.