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Crypto : Just another burst bubble, but good for the original Bitcoin System


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The fundamental notion of capitalism is that anyone is free to go to market and buy and sell not just consumer goods but capital as well. Unlike consumer goods, valuing capital (either physical capital goods, tokenized claims to capital goods, or indeed debt instruments) inevitably involves looking out to the future: speculation—a word derived from Latin roots meaning both to look out and to hope.

This weighing process of the future potential of capital is both the driver of capitalism’s innovative entrepreneurialism but also a source of inherent risk and instability. As long as capitalism has existed speculative bubbles in assets have inflated and burst with alarming regularity. Is ‘crypto’ just another burst bubble? The answer is yes, it is, but that is actually excellent news for the original Bitcoin System and the innovations it is bringing.


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