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This quote is very interesting because he seems to try and argue for its legitimacy at the end. “Is that even wrong,” he asks. You get the impression that he be
by MarkPNeyer 4y ago
This quote is very interesting because he seems to try and argue for its legitimacy at the end. “Is that even wrong,” he asks. You get the impression that he believes in something like a postmodern theory of value that says, you need nothing fundamental for a thing to have value. Mass appeal is sufficient. So he looks at dogecoin and thinks, like many of us: this serves no purpose and makes no sense. He simply concludes its nonzero price is evidence against prices being real, rather than a prediction of dogecoin’s future value.
- jjeaff 4y agoHe's not wrong about value. Plenty of valuable things in society have not fundamental value. High end art and luxury brand clothing are two examples. And no, a $50m van Gogh does not have utility because you can enjoy it. Because you could enjoy a $200 reproduction just as well.
- lupire 4y agoTelling that your example is the most famous example of a fraudulent market.