I think you are over-estimating thinking process of people who buy crypto-currencies. I think vast majority buy them because of greed and ignorance about techno

I think you are over-estimating thinking process of people who buy crypto-currencies. I think vast majority buy them because of greed and ignorance about technology (they believe it's really the next big thing because that's what this or that popular blogger or video maker said). It's like buying a lottery ticket but it's easier to believe the chance to get rich is bigger. >>It makes me wonder if all markets have a natural death. As they get more efficient, liquidity dries up 100% efficient markets is dream come true for individual investor. Stocks represent equity in something that produces value. You want to put your money there at some point in your life and you want to sell that for cash at a different point in your life. There will always be people in accumulation phase and there will always be people in cash-out phase. The more efficient market gets the less likely you are to make a bad decision. Market efficiency cause by very good fast traders is fantastic for individual investors. Imagine you hold for example AMD stock before recent earnings. You want to sell because you need cash. If the market weren't fast to react you (unaware of the results) might have sold for much less than the stock was worth. Those fast reacting traders just saved you whole bunch of money and you got a better price. Sure, it's more difficult to buy something dirty cheap but remember that only happens if the other side is uninformed. The more efficient the market the less losses caused by information asymmetry and the more time saved which would otherwise be needed for research. That being said I think the markets are far away from being efficient today.