Ryan Sean Adams

What's the more objective perspective on what a bubble actually is?

Okay, I guess...

The way you are grounding then this bubble word is through the lens of Perez's framework, who talks about, in particular, technology revolutions and how they go from kind of this eruption phase to a frenzy phase to sort of a turning point phase, a synergy and maturity type phase.

And you've seen, I'm sure, and listeners will have seen, bankless listeners will have seen the hype cycle, you know, kind of this famous graph.

It's really the exact same thing that Carletto Perez is talking about, right?

Where you have kind of this trigger period, you have this inflated expectation horizon, and that's the top of the bubble.

And then you have a deflation, trough of disillusionment, a slope of enlightenment, plateau of productivity, and it kind of goes on.

And every major technology revolution has this.

I mean, crypto has had maybe four of these, maybe five of these.

Yeah.

The internet had this.

The radio had this.

Electricity had this.

I think Perez talks about railroads in particular.

Automobiles.

1800s, automobiles.

Some industries have multiple of these kinds of cycles, but it's very clear that we're in one.

The problem is you don't know where exactly you are on the slope here.

Like how close are we?

Because for any major technology revolution, I mean, it seems like if you believe Perez's framework and there's no reason not to, it seems to be almost always the way this plays out.