Well the reason people buy bitcoin at 100k is because they think it will someday be worth a million. If it's never going to be worth a million, then it's not worth 100k either.
Unlike other goods with some real worth (like a tulip), you can apply your correct observation all the way to a cent if you exclude illicit uses of Bitcoin.
Have we looked at nutrition? Economic crises lead to sharp spikes in poor nutrition especially when social safety nets have been stripped back. A generation whose growth is stunted by malnutrition is a plausible outcome of "tough love" welfare reform. A lot of people either lost their jobs or had to quit to take care of their children during the crisis. And there was a much degraded safety net to catch them.
My male ancestors died of cancer in their 70's and 80's but my great grandmothers lived to 93, 103, 99, and died in childbirth. I actually remember meeting my great great grandmother when I was 8 or 9 and she was 102.
Yeah so I realize that at some point manufacturers of hard drives started to cheat and claim 10gb hard drives that were actually a bit less, using a 1000kb megabyte as their rationale, but that's just the marketing team engaging in false advertising. There's no reason to dignify such deception by inventing new words. They just lied. A mb is 1024 kbytes and a gb is 1024 mb. Sorry thats just how the math works out. A 16 kb address space can access 64kb or 65536 unique memory locations.
Would you put a professional manager straight out of business school with no military experience in charge of a platoon of marines and send them into a war zone? How do you imagine that would pan out? if not, why would you put such a person in charge of an engineering team? Do you imagine it would go any better?
Like sure eventually the person will learn the job but only after a significant cost in bad decisions.
During the first World War, Belgium divided in its Dutch (Flemish) and French (Walloonian) speaking constituents, had many such Walloonian officers rule over often Flemish soldiers. It wasn't unheard of that an officer got shot by his own people.
I'd dread managing technical people in a field I have no experience or knowledge; in my experience, especially in tech, such managers are often held hostage by engineers who stubbornly don't want to do things, tell fibs about feasibility, ... The other side of that is that such managers often make progress making said engineers promises that often turn out to be carrots on sticks or outright lies.
If you can't go with in the trenches, what good are you and how do you expect to build a trusting relationship?
Eh, I'm not entirely sure if you commented this to the wrong parent comment, if not, how is this connected to what I wrote about?
Just to clarify just in case; We're talking about domain knowledge here, not management knowledge, I'm not entirely clear how that maps to your example, as you're talking about any general experience I suppose? I'm not saying we should put people without experience into management positions, if that's the misreading you did.
As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.
Yes this is absolutely true. Difficult to impossible, I would say.. my prediction of "2 to 3 years" could very well be totally wrong.
The dominant narrative around bitcoin right now is "hodl because in the long term it always goes up." Thats the core premise that the bitcoin price is based on. If that premise were to crack, bitcoin could drop to near zero for all we know.
I wonder if he has some kind of dementia brought on by excessive consumption of ketamine? Or perhaps it's just that he has surrounded himself with people who will never tell him no. Sort of like a lot of dictators do where they have executed everyone around them who could give them pushback and therefore they end up living in a fantasy world while their people starve.
What I'm wondering at this point is why the investors in Tesla are still riding this crazy train. Blaming simple market manipulation seems far fetched. Mass hysteria and delusional beliefs are common enough in the stock market but reality eventually sets in and this bubble has been inflating for a long time. The people who lose the most are going to be the small investors- the really ruthless hedge fund bros will probably walk away unscathed.
> I wonder if he has some kind of dementia brought on by excessive consumption of ketamine? Or perhaps it's just that he has surrounded himself with people who will never tell him no.
I visited Centralia about 20 years ago, I remember that we stopped the car on the way into town because there was a crack going all the way across the road with smoke coming out of it. But we kept walking and found a few abandoned houses and empty streets. We were too intimidated by all the scary signs to wander far off the road but took some pictures on a disposable camera and eventually returned home.
Any equipment eventually fails. Designing it to fail safe- in a way that does not threaten the human operator- costs money. But a little warning message costs nothing and ensures that the human can be blamed when something goes wrong. The company can point to the message and say, "see, you should have known."
The message was never intended to help the human operator. It was intended to allow the company to avoid responsibility for cutting corners.
If the goal of the message was to communicate something important to the human operator, extraneous messages would be a serious problem. But if the goal is simply to cover the ass of the company, then extra error messages are not a problem at all. Thats why they never get fixed or pruned.
If we do simply print money to make the debt go away- foreign holders of that debt would benefit from being the first to sell for a more stable currency. The last to sell would be left holding the bag, would they not? Wouldn't this cause a run on the dollar and destabilize the world financial system?
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