On bullshit in investing

The basic thesis is that, in the years since the global financial crisis, in response to the weakened legitimacy of global institutions and rising market volatility and political uncertainty, people at all levels of power, and in ever-increasing spheres of life, make use of the logic of financial speculation.

There are two things I want to point out about this feedback loop. First is how much of the initial growth is driven by speculation. Because most tokens are programmed to be scarce, as interest in the protocol grows so does the price per token and thus the market cap of the network. Sometimes interest grows a lot faster than the supply of tokens an... See more