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@thumbsup.eth
If stocks didn’t exist, Elon, Bezos, and Thiel wouldn’t be megabillionaires. They’d have to pay themselves and their investors with real income not with this funny money that they can’t actually sell without it rapidly depreciating. All of the insane things rich people do with borrowing money to acquire things essentially for free is because stocks exist, and thus merely eliminating one thing (shares of companies) would radically reshape the world we live in, what wealth means, and the nature of power. Discuss.
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matthewb.eth
@matthewb
seems like a pretty circular argument, essentially "I think billionaires are bad therefore stocks shouldn't exist because they would have less power as a result" also pretty hard to square this ethos with crypto as a whole which prints tokens out of thin air to create value for e.g. a protocol
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@thumbsup.eth
I’ll let you in on a secret (that’s not a secret, because everyone knows it deep down, I’ve said it many times, and even created an NFT project premised on this): those tokens are worthless and people are either foolish for buying them or brilliant for recognizing how foolish others are. If you’re not earning trading fees as a token holder, controlling some treasury in a way that benefits you financially or ideologically, or receiving some kind of payment in stablecoins or network tokens (ETH for example) there is no value to the token. Crypto is awesome because it enables new mechanisms, that we’ve recreated all the worst bullshit on these rails is not to be celebrated nor taken as an indication of the direction we’re headed.
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matthewb.eth
@matthewb
I don’t know why you insist on speaking in such a condescending and arrogant way to people equally as informed as you, but it really doesn’t make your arguments persuasive.
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@thumbsup.eth
I dunno. I didn’t mean any disrespect. It’s just the way I “tweet” I guess
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matthewb.eth
@matthewb
“I’ll let you in on a little secret: tokens are worthless” you’re speaking to someone who has contributed extensively to an OG defi protocol that issues tokens lol, the tone is so unnecessary lol. I know what tokens are and am well aware that valuations can be irrational. don’t really agree with the premise that anything, whether stocks or tokens, is worthless simply because it’s not cash dividends being issued to holders or investors. value is more complex than that. anytime your arguments are this black/white and absolute it’s a sign to reconsider your priors imo.
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rathermercurial
@rathermercurial.eth
I took it as a playful reminder of the intersubjectivity of value with no malice implied. But re-reading it I could see how that could come off differently. Generally agreed on the premise though. All of these things are make-believe and IMO all we can do is help people have more agency to imagine and create the value systems that make sense for them.
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@thumbsup.eth
You get me. I’m always trying to do things as I post and reply: be cheeky, funny, engaging and redirect people to my long-form pieces on these topics. Even this post is intended to be a reference point in my upcoming Update. But I do agree, especially where the person doesn’t agree with me, this kind of “well obviously” thing doesn’t come off very friendly. I let Matt know that I’ll be making it a New Year’s resolution to be a friendlier and more respectful caster
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