And that's been what crypto has existed alongside, on

this point of the expectation that crypto will go up and up and up. And as it applies to, not just bitcoin, to other crypto currencies and now nfts and so forth, there's something about describing a financial bubble that i can't tell if it applies in the case of crypto. And this requires a little bit of a wind up. O hum. So when we think of like, a classic financial bubble and something right in a stock, or the whole stock market, or in beany babies, or whatever, we usually sort of think about it as people are investing in this mainly on the expectation that other people will also invest in it, and they'll keep investing in it, and therefore it'll keep going up, right? And so the thinking there is that it is divorced from f something called the fundamentals. Which, in the case of like the stock market or a stock, you usually think about the fundamentals as well. This is a company, and it makes things, and if it keeps etting better at making things, it'll be a profitable company. And so if i invest in it now, the fundamentals are sound, because it's going to be a profitable company. So later, when i need to sell my stock in this company, the amount of money that i put in will be higher. All right? Because the way we usually think about a financial bubble is that something that we consider to be an investment has undertaken these properties of like its just going up and up, and i'm expecting everybody else to keep buying lend es price two thousand seven, exactly. Right, ats is a great example, ok? But it's because we think of these things as investments, primarily, or investment goods, whatever you want to call it. The idea that you're putting money in on the expectation that you're going to take more money out later. You're sending yourself money in the future, basically, right? With crypto, and also in some cases with like these redit groups that get together to pump up a stock, right? Nd, and with robin hood, where they have quotane gamified, gamified the stock market, there's an element of all this that feels like more of a consumption good, ye, or a combination of the two things, where the enjoyment of the thing you're doing is what you get out of it. Isn't wy li unified theory? Yes. Well, it's like, it's like, think about it this way, when i buy tickets too, like a broadway show or a baseball game or something, i don't expect till i get the money back later, like i'm paying to enjoy the thing. And now, it seems like maybe with crypto, parts of the stock market, all these groups getting together, like pump up stocks, yes, they obviously want to make money. Nobody goes into something wanting to lose money, but part of what they're actually paying for is the enjoy ment of being part of the community. And this seems easy to dismiss, except that i spoke to a lot of people who were doing like those basket ball nfts, and a lot of them, actually, i think every single one of them said that actually, like, yes, they want to make money, but they won't really care that much if they lose a bunch of money too, right? Which i think everybody should just understand about it before they're getting involved in it. But what i mean is, it's hard to sort of gauge whether something is in a financial bubble if it has this element of a consumption good that's also involved. I

would completely agree. And i would note that those folks are using money that they can afford to lose.

Yes, that's a very crucial observation. E,

let's just like, put that thereand note it a i very, very much agree that you cannot, on any level, attempt t analyze, understand or appreciate crypto if you are dismissive of the social consumption good factor here, right? In the same way that what people got wrong about wall street bets was that it was a community. Dismislation

ready? Ad yes, yes. It was

a community in addition to an investment club. And a lot of parts of crypto are about belonging or about the reject of the other, right? Cause that can o either that can work either way.