a massive surge of excitement ensues, during which water flows uphill, capital flows toward the most unlikely things and the future seems so close you can touch it
buffett hates this stuff bc it involves guessing about the future
that first surge, the so-called innovation burn, slams you like the G-force on a plane’s takeoff, right in the gut. buckle up!
it’s a fundamental change in the nature of the people that run the industry: it goes from INNOVATORS to OPERATORS
risk tolerance goes way down because the technology already WORKS but it needs people who can operate it profitably
on the other hand, we have INFLATION
to inflate. the state of things being inflated
THE BUBBLES OF ALL BUBBLES
folks don’t remember inflation
if that stays up for four years, each dollar in circulation loses its value
it is devastating
in theory wages and interest rates adjust to keep up with inflation
practically speaking, without strong labor unions to negotiate, workers get poorer year after year
pair that with the global supply chain crisis, including food and you’ve got a recipe for global disaster
the middle class doesn’t just get to retreat into the virtual world
there’s nothing there that anybody wants
NO. we have to stand our ground and fight for the real world-it’s where we live
the only solution is BITCOIN
( satoshi, the founder )
nevent1qqs03k0gp6axej2yq2c0addc0mts0c8d8v3tlxx5zxdj6phe0ef2msqpz3mhxue69uhkummnw3ezummcw3ezuer9wc5cjn08
