Ben McKenzie

It's important to understand that.

And then it's also important to look at crypto and go, well, if you're investing, what are you investing in?

Because it's just lines of code.

And lines of code could be valuable if they correlated with a real world asset, right?

Google's lines of code are very important to run Google's search engine.

Yeah, because they're selling advertising on the back of that code.

There's ways of monetizing it.

But with crypto, because it's just the code,

What are you investing?

And I would argue that you're sort of investing in its utility as a criminal, as a vehicle for crime, not purposely necessarily, but I'm just saying that's one of the things it's used for.

And you're investing in the story of it.

You're investing in the idea that other people give it value, which in economics is dangerously close to what we call greater fool theory.

Greater fool theory is when a speculative asset rises so far beyond any real-world use it could have, any real-world value, that really its price is determined by your ability to buy it and sell it to a fool greater than yourself.

Which is a really fun game until it tops out and you're the biggest idiot holding the bag.

If it's an investment but there's no...

product really.

Or service.

Yes, it does have to cash out on the other end, usually.

Although, if you follow that Southeast Asian koala example, he could then send it somewhere else and get something else that he wants.

Yeah, she was, like, financing the world's shittiest rap videos.