This is ridiculous. The economy is already incentivized to find cheaper electricity by forces far more powerful than Bitcoin. By this logic, you would defend a craze for trying to boil the sea.
If the market had internalized the external health, environmental, and defense costs of nonrenewable energy, we would already have cheap, plentiful renewable energy. But we don't: the market is failing to optimize for factors other than margin. (New Keynesian economics admits market failure, but not non-rationality.)
So, (speculative_valuation - cost) is the margin. Whereas with a stock in a leveraged high-frequency market with shorting, (shareholder_equity - market_cap) is explainable in terms of the market information that is shared.
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This is ridiculous. The economy is already incentivized to find cheaper electricity by forces far more powerful than Bitcoin. By this logic, you would defend a craze for trying to boil the sea.
If the market had internalized the external health, environmental, and defense costs of nonrenewable energy, we would already have cheap, plentiful renewable energy. But we don't: the market is failing to optimize for factors other than margin. (New Keynesian economics admits market failure, but not non-rationality.)
So, (speculative_valuation - cost) is the margin. Whereas with a stock in a leveraged high-frequency market with shorting, (shareholder_equity - market_cap) is explainable in terms of the market information that is shared.