Stock markets are poor indicators of the economic reality of underlying businesses because they're subject to some of the same issues crypto is -- but it has on

Stock markets are poor indicators of the economic reality of underlying businesses because they're subject to some of the same issues crypto is -- but it has one "ruthless honesty mechanism" -- the need, over the medium term -- for businesses to actually grow & compete. Insofar as private interests can manipulate these conditions, the numbers arent reliable either. Eg., many regard private equity as half-a-scam for these reasons: those numbers are also made up. However, crypto is one of the most extreme cases of this pathology. It's a pure fiction: no t-shirts are being made; no apps being sold. My time today is as productive as it is tomorrow; no crypto will change that for me, or anyone. Indeed, crypto is negative sum: money is being burned to run the mining. So, we're actually worse off. Crypto isnt zero value, in most cases, it's value is negative. Sell everything off, and some people will be owed money (mostly, the energy companies). This is egregious. It's hard to overstate how dangerously stupid this is -- it's economic homeopathy. The reason a BTC might be worth tomorrow is the same reason a beanie babby mightve been, or a misprinted stamp: just the belief that some other people want it. Not that they do want it -- no, there arent enough people to sustain this belief. Just the appearance that enough people want it. If i have 1,000,000 coffee beans and the first bean goes for a dollar, I can imagine myself a millionaire... until i try to sell the rest. A significant reason that the hodl cultishness is pushed is precisely so people wont do this.