Ibn Maghreb on Nostr: More tech has meant more casinofication of the markets and I think those who argue ...
More tech has meant more casinofication of the markets and I think those who argue for more market efficiency with tech are understating the cataclysmic fallout from 2008 which provided the cultural catalyst for financial nihilism that millennials and zoomers now take for granted
Casinofication however is not the same as market efficiency. The wisdom of the crowds model is quickly replaced by algorithmic hijacking of mobs who are inherently financial nihilists. Crypto has taken off (including BTC) because of financial nihilism - not because of utility
These are powerful dynamics - we understate and underestimate the cultural thesis of financial nihilism that spawned the success of the crypto market today including BTC. It was not utility, cypherpunk conversion or anti-state libertarianism that saw its market cap explode...
Casinofication however is not the same as market efficiency. The wisdom of the crowds model is quickly replaced by algorithmic hijacking of mobs who are inherently financial nihilists. Crypto has taken off (including BTC) because of financial nihilism - not because of utility
These are powerful dynamics - we understate and underestimate the cultural thesis of financial nihilism that spawned the success of the crypto market today including BTC. It was not utility, cypherpunk conversion or anti-state libertarianism that saw its market cap explode...