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Yeah it sucks that the valuation for a company that inefficiently mines a resource that's going to be stored forever and mostly used to speculate, with only a s
by pvarangot 6y ago
Yeah it sucks that the valuation for a company that inefficiently mines a resource that's going to be stored forever and mostly used to speculate, with only a small part of it ever put to productive use has such a high valuation.
But yeah the valuation for Coinbase is also insane!
- staplers 6y agoa company that inefficiently mines a resource that's going to be stored forever and mostly used to speculate I've never heard the Nasdaq described like this. Interesting though.
- Grustaf 6y agoOil is "mined" very efficiently, and I bet most of the production each year is used pretty quickly.
- pvarangot 6y agoOil is mined super inefficiently except for shallow wells, it has tight margins. Some operations, specially fracking, actually shut down pretty often when the barrel price goes down near 60 which is were we are now. If you look at production vs. consumption in the world there's usually a bit more consumption than production. If you look per country on the US there's more production than consumption. That's because "extraction" is heavily played with to speculate with the price.