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> Things have been too good for too long in InvestorWorld That's not by accident and it's been at the expense of non-investor world for a long time. What we'r

> Things have been too good for too long in InvestorWorld That's not by accident and it's been at the expense of non-investor world for a long time. What we're seeing is finance capitalism suck surplus value from every piece of the Earth it can. We're still burning more fossil fuels than ever before [0] despite the now visible risk of climate catastrophe. I believe we're likely to see investors continue to become irrationally wealthy while increasing larger and larger pools of people a driven into ever increasing situations of hardship. I see no signs of the madness stopping until both human and planetary resources start to buckle under the pressure and refuse to give yields they once did. The article repeatedly mentions crypto as though it were an obvious bubble, but bitcoin is near record highs and even Sam Altman's bizarre world coin is at extreme record highs, COIN is up 200% in the past year. The bubble won't "burst", it's just that increasingly less people will be invited in. 0. https://ourworldindata.org/fossil-fuels https://ourworldindata.org/fossil-fuels

netsharc 3y ago
Yeah, can't imagine the gigatons of CO2 needed to produce CPU/GPU chips (and other hardware) as well as to run these machines, and for what, so some people have to work less generating a document or applying effects to a movie, or to answer a customer's FAQ, or so you can concentrate less while driving... It really is like that paperclip game where at the beginning you can click once to get 1 paperclip and at the end you're using the resources of a galaxy to generate gazillion paperclips, except on this planet the number we're all irrationally obsessed with wanting to make go up is our bank account total.
TapWaterBandit 3y ago
At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. This doesn't mean fiat will disappear and all crypto will succeed. But most fiat currencies haven't really "succeeded" either. Money is a very "efficient" market in this sense because each individual can decide do you want to hold currency X or currency Y or currency Z? And there are pros and cons to each that lead to price discovery between currencies. And I think as time goes on it is becoming more and more apparent that many central banks do not take the management of their countries currency seriously and so people choose alternatives. This is what well-functioning markets look like. Consumer choice and incentives.
- cheema33 3y ago
  > At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. We've had crypto for how many years? More than a decade, yes? Can it be used as replacement for money yet? Anywhere on the planet? Does it look like it ever will?

netsharc 3y ago

Yeah, can't imagine the gigatons of CO2 needed to produce CPU/GPU chips (and other hardware) as well as to run these machines, and for what, so some people have to work less generating a document or applying effects to a movie, or to answer a customer's FAQ, or so you can concentrate less while driving... It really is like that paperclip game where at the beginning you can click once to get 1 paperclip and at the end you're using the resources of a galaxy to generate gazillion paperclips, except on this planet the number we're all irrationally obsessed with wanting to make go up is our bank account total.

TapWaterBandit 3y ago

At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. This doesn't mean fiat will disappear and all crypto will succeed. But most fiat currencies haven't really "succeeded" either. Money is a very "efficient" market in this sense because each individual can decide do you want to hold currency X or currency Y or currency Z? And there are pros and cons to each that lead to price discovery between currencies. And I think as time goes on it is becoming more and more apparent that many central banks do not take the management of their countries currency seriously and so people choose alternatives. This is what well-functioning markets look like. Consumer choice and incentives.

cheema33 3y ago
> At this point crypto clearly isn't a bubble. And why would it be? Cryptographically secured money has some advantages over fiat money. We've had crypto for how many years? More than a decade, yes? Can it be used as replacement for money yet? Anywhere on the planet? Does it look like it ever will?