> It's true! There is something sort of charming and hopeful about it though. In the old economy, to build something valuable, you had to build something valuab

> It's true! There is something sort of charming and hopeful about it though. In the old economy, to build something valuable, you had to build something valuable. In the new economy, you can just launch an intrinsically worthless token and go around to people and say "what if this was valuable?" And if you can convince them of your vision -- your vision of it being valuable -- then it will be valuable. It's finance untethered from productive work. It's so ... postmodern. For those too young to remember, paragraphs exactly like this appeared in the late 90s before the dot com bubble burst. When the shoe shine guys start talking stocks, it's time to sell. Same with random people talking ICOs. http://archive.fortune.com/magazines/fortune/fortune_archive/1996/04/15/211503/index.htm http://archive.fortune.com/magazines/fortune/fortune_archive... It's not postmodern. It's predictable.