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Crypto 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 wo
by ikeboy 8y ago
Crypto 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)