1/
If you CANNOT say when something is OVERVALUED
you CANNOT say you know how to VALUE it
If you buy $1.00 for cost of $0.50—it’s “riskless profit”
(undervalued arb, sure to gain)
If you buy $1.00 for cost of $2.00—it’s “riskless loss”
(overvalued foolishness, sure to lose)
If you CANNOT say when something is OVERVALUED
you CANNOT say you know how to VALUE it
If you buy $1.00 for cost of $0.50—it’s “riskless profit”
(undervalued arb, sure to gain)
If you buy $1.00 for cost of $2.00—it’s “riskless loss”
(overvalued foolishness, sure to lose)
2/
If you cannot VALUE something you do not know if it is UNDERVALUED or OVERVALUED
and thus cannot know if you are taking riskless profit, riskless loss—or profitless risk
The key current test: at what $ price within a 50% +/- range
would #Bitcoin be OVERVALUED?
If you cannot VALUE something you do not know if it is UNDERVALUED or OVERVALUED
and thus cannot know if you are taking riskless profit, riskless loss—or profitless risk
The key current test: at what $ price within a 50% +/- range
would #Bitcoin be OVERVALUED?
3/ “Today a young man on acid realized:
everything should be free
Property rights are zerosum oppression by patriarchy Everything’s relative to something which’s relative to nothing
there’s no absolute value
info wants to be free
money is made-up
...Here’s Bob with the weather”
everything should be free
Property rights are zerosum oppression by patriarchy Everything’s relative to something which’s relative to nothing
there’s no absolute value
info wants to be free
money is made-up
...Here’s Bob with the weather”
cc @bgurley
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