Luke Weinhagen (@Weinhagen)

When you separate an asset's attribute value from the value of what an asset produces you effectively create two values for the same asset (at least). One is its value as an investment, the other(s) is its value as a poker chip. (full-accounting corrects this separation) People responded to this by sorting themselves into investors and traders. Investors use the investment value of the asset and traders the poker chip value. These values influence each other in setting the asset's "price" (poker chip values are bubble prices - the farther separated the bigger the bubble). The investors and traders used to keep their distance from each other. The investors trying to monetize good decisions and the traders trying to monetize bad decisions, their incentives never really align. It is interesting watching crypto because it slams the traders and investors into the same room - with them frequently being the same people - and it makes the whole system look bipolar. If crypto ever figures out a way to retain full-accounting and prevent this separation - it will become very good "money" and upset the world.