Wash trading would be less of a problem if there was an independent way of valuing the asset, and we didn't derive our 'value' of the asset from what 'the last guy traded at'.
It's an inherent, infallible weakness of the type of asset.
I can't fathom how we haven't arrived at the general consensus that it's just a big scam.
I suggest that large portions of our economy depend on hype.
People Magazine generally won't say hugely negative things about celebrities, because celebrities are their currency, it's what they are selling. They're selling the illusion of celebrity, and they work with press agents etc. to concoct all of it. Talking any kind of 'reality' would be detrimental to their core business.
In much the same way, the press, including the Tech Press relies on a kind of naive, hopeful, optimism, blended with the dream of riches, or at least for others. The 'drama' of Musk, Zuck etc. keeps the clicks moving.
It's an inherent, infallible weakness of the type of asset.
I can't fathom how we haven't arrived at the general consensus that it's just a big scam.
I suggest that large portions of our economy depend on hype.
People Magazine generally won't say hugely negative things about celebrities, because celebrities are their currency, it's what they are selling. They're selling the illusion of celebrity, and they work with press agents etc. to concoct all of it. Talking any kind of 'reality' would be detrimental to their core business.
In much the same way, the press, including the Tech Press relies on a kind of naive, hopeful, optimism, blended with the dream of riches, or at least for others. The 'drama' of Musk, Zuck etc. keeps the clicks moving.