Oddbean new post about login | logout Saw an article about crypto bros that was all, "ha ha, those idiots thought it would just keep getting more valuable forever!" and while that is indeed dumb, it's also the entire premise of investing in the stock market
@3ba5878d I believe you can have a stable&simplified&simulated economic model with stable profit and stable employment, and then a hypothetical stock market just pays off same amount of dividends forever with prices unchanged. Then on an _individual_ level you can get lifetime compound growth. In practice, stock market has changed from relying on getting share of profits to relying more on price going up. And then, yeah, cryptocurrencies are just a distilled version of that.