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> As we know from the history every of every other speculative mania, popular delusions based on the madness of crowds cannot sustain themselves indefinitely.

> As we know from the history every of every other speculative mania, popular delusions based on the madness of crowds cannot sustain themselves indefinitely. Madness such as governments printing trillions of dollars of fiat to artificially prop up the stock market and in the process dilute the salaries of the world's entire productive workforce while rewarding incompetent executives by pumping up their stock prices? I agree, such popular delusions based on the madness of crowds cannot be sustained. Not to mention the ridiculous, over-sized, multi-billion dollar government contracts which are repeatedly handed out to big corporations and which add no value at all to society (how many trillions did the government waste on Afghanistan again? How many billions did they then award to Microsoft to build military VR gizmos?)... And what about the huge superannuation/401K funds which invest other people's retirement savings, without their explicit approval, into inefficient, frothy, zombie corporations (run by their friends) which are going to collapse once people actually start retiring and start cashing out their pensions in mass... And the government will then print more money to (yet again) bail them out and keep screwing over the average salary earner and taxpayer. That's why we need cryptocurrency. If you think cryptocurrency is mad, if you think Dogecoin and SHIBA INU coins are mad, you don't understand the fiat monetary system.

albatrosstrophy 5y ago
I get where you're coming from, but two wrongs don't make a right - pointing out that the fiat system is broken is a red herring of sorts. Having said that, I think the author is far too pessimistic in his outlook. The fact that cryptocurrencies are physically intangible does not simply mean it is invaluable. One can speculate that digital assets are like tulips, but what the dot com bubble taught us is that tech is here to stay. And who is to say that humans will not ascribe value to digital coins to last into the next millennium? This is coming from a believer in the gold standard.

albatrosstrophy 5y ago

I get where you're coming from, but two wrongs don't make a right - pointing out that the fiat system is broken is a red herring of sorts. Having said that, I think the author is far too pessimistic in his outlook. The fact that cryptocurrencies are physically intangible does not simply mean it is invaluable. One can speculate that digital assets are like tulips, but what the dot com bubble taught us is that tech is here to stay. And who is to say that humans will not ascribe value to digital coins to last into the next millennium? This is coming from a believer in the gold standard.