Re: BTC/Crypto-Playing Jenga With The Ouroboros.

I’ve been an outspoken critic of the lack of intellectual rigor when it comes to Crypto valuations and how it’s easy to conflate real value with yet another product of the Liquidity Lottery.

This thread delves a little deeper on these issues, buttressed by similar thoughts from JPM’s Michael Cembalest, for whom I have the deepest respect as an independent thinker. I borrow some exhibits from Cembalest’s recent piece entitled “The Maltese Falcoin.”

I’ve opined often that the endless Liquidity Lottery of the last several decades has led to se…