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most of these bankruptcies are due to firms holding reserves in crypto. I don't think all companies combined spent that much of resources on employees in recent
by hippich 8y ago
most of these bankruptcies are due to firms holding reserves in crypto. I don't think all companies combined spent that much of resources on employees in recent years, and most of the lost money is due to plummeted market, and that means that someone else got these resources to deploy more efficiently. so not all is lost in waste human work (if we would agree that it is indeed waste human work, which I personally do not agree with)
also, all that money spent on human work ended up in someones else pocket to spend further. In a way it is a "bitcoin tax on capitalist (or wanna be capitalists)"
- ikeboy 8y agoCrypto being in a bubble meant a lot of capital pouring into crypto that would otherwise have had more productive uses. >also, all that money spent on human work ended up in someones else pocket to spend further. Broken window fallacy. There is no benefit from useless jobs. They are strictly worse than non-useless jobs.
- hippich 8y agoThere is certainly an opportunity cost related to all these bankruptcies - I agree with that. But without someone trying it, we would not know it would fail. So in a way, it is a valuable result as well. (and no, I do not believe someone can have perfect vision to know 100% one use of capital is right and another one is not - this is part of the process - trying and failing or succeeding)