William Quigley

Yes, indeed.

In stock trading, there is a at least the theory that seems to be pretty reliable is

as generate higher cash flows.

And particularly when those higher cash flows are unexpected, you will tend to see the valuations then jump as people reset their expectations.

Crypto is different.

Obviously, there's not a direct correlation with cash flows and crypto going up.

So I

I think that could make it exciting for people that you don't know what's going to happen.

So therefore it is, it is, there's almost an entertainment aspect to it, if anything.

But I think we need a working theory on

price movements of crypto to get more institutional interest in this asset class.

And today we don't have that.

So here's what I would say.

Thank you for sharing that because that is a trend I've seen as well.

But it violates one of my core beliefs as an investor.

Which is that great businesses come from brilliant insight about something.

And the notion that I subsidize a bunch of W2s to play in a little romper room and little kids room and just say, build, build, build developers will bankrupt you building shit that no one ever wants.

They just, because most of the time they're totally shielded from market forces.

This is why, how many times have you seen a company?

Internally generate a market making idea.