3 ms·

Sure. I don’t think that captures all the economic nuance (you’re just reducing it to a Keynesian beauty contest), but yes.

• nwah1 9y ago
  It does create incentive for people to try to figure out the usefulness, if any. I agree with that. It also creates lots of other incentives that have no pro-social value. Furthermore, the incentive may be much higher than is actually required, and creates a lot of collateral waste in the process. Every bit of time, energy, and resources spent in this speculative endeavor crowds out other activities. And a large amount of this effort is just spent on a cybersecurity arms race over these hypothetically valuable tokens. I realize you were trying to make a point about speculation in general, such as with futarchy. Any kind of speculation over things related to real production, including bets about CEO performance, would have some obvious informational value. But bets about sports do not.