> What I wonder is, how much of the overpayment for non-digital art in the 20th century was like this? Hundred billion dollar question. Blockchains are just pr

> What I wonder is, how much of the overpayment for non-digital art in the 20th century was like this? Hundred billion dollar question. Blockchains are just providing immediate transparency for big markets that we didn't have the transparency for. I just consider it price discovery, where all price discovery is better than the absence of it. I noticed it is easy for me to accept things that others have trouble with due to two or three things: 1) To me, all price discovery is good 2) I don't care what prices the price discovery reveals 3) It isn't controversial to me that prices can go down, or that liquidity can evaporate, whereas with others this seems to be something they think is their missionary duty to reveal to people. Speculation does not matter to me, be objective about your own risk profile. Don't worry about other people's lack of objectiveness, if you are a smarter market participant then the market will reward that. This isn't supposed to be some libertarian free market theory, its just shocking that people are operating under a less effective set of rules for a market based economy, these are assumptions that work really well because thats what is happening.