Morgan Stanley says the true price of Bitcoin might be ...

Why I don't bother reading Moldbug

-If you can't explain an idea in a short and comprehensible manner, it's generally not a very good idea, or you don't really understand it yourself. Rather, you're now engaged in writing for the purpose of entertaining your audience and/or helping them feel intelligent.
What I like about this statement is that it's ambiguous. Specifically, it's an Empsonian ambiguity of the second or perhaps third type (I've never quite understood the difference).
He's not telling you anything useful here. Rather, he's trying to convince you of his opinions by proving to you how smart he is. You'll encounter this a lot when reading social scientists and philosophers.
When I read Moldbug's 100 page defense of the idea that Richard Dawkins is really just a Christian, I'm wasting my time. You'll learn a lot more by skimming 100 Wikipedia pages, than spending the same amount of time reading a single work by a single author. It won't allow you entrance into some cool internet subculture, it won't look good on your CV and it won't impress your peers, but you'll learn a lot more. That goes for me as well. If whatever I write bores you, it's because it doesn't tell you anything new, and so you might be better off doing something else.
-The best thing you could do to improve your life would be to do the exact opposite of whatever Moldbug recommends you to do.
Example: Here is Moldbug in January 2013 telling people that the US government will ban Bitcoin, which will cause its price to drop to 0.
If you had gone ahead and invested all your life savings into Bitcoin, you would have seen a 50-fold increase in value by now. Here we have Moldbug investigating something new and promising, and through cynicism and smugness arriving at the worst possible conclusion.
-Yes, it's perfectly possible to provide a synopsis of your ideas.
It's always possible to provide a synopsis. When people refuse to provide a synopsis, they're afraid of someone scrutinizing their ideas. I'll give you all a synopsis of my ideas in a short moment.
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Urbit quietly has built bitcoin integrations and added an iconic crypto personality to its roster of developers: Bitcoin Sign Guy. B.S.G., also known as Christian Langalis, made headlines as a 22 ... I will grant that both Bitcoin and dollars depend on trust. But both are grounded as well. Bitcoin to physical computing devices and dollars to real estate. That is, Bitcoin is as real as all of the SHA-256 calculations per second across the network and dollars are as real as the mortgages per square mile across the nation. Bitcoin is money, Bitcoin is a bubble MENCIUS MOLDBUG ... On the other hand, those debts themselves must be valued as securities in Bitcoin. As the BTC price increases into the millions, the purchasing power to pay off all the dollar debts—simply by cashing in a few Bitcoins—appears with it. But most Bitcoin users—and, more important, supporters—seem to be laboring under a dangerous delusion as to the economic cause and effect behind Bitcoin’s success. To me, and I hope to other UR readers, the logical leap from step 1 (BTC exchangers are indicted) to step 2 (BTC price goes to 0) is obvious. Rather, bitcoin is a bubble. Its price is driven by a speculative process whereby people buy bitcoins because they think that other people can be found who will pay an even higher price. 2. There is no reason why bitcoin must pop. At first, bitcoin will be bought by those on the fringe. As more people get in, the price of bitcoin will rise further.

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