Ponzi P.S.

A friend texted me in response to my previous posting (on NFTs) to ask how vaporous this new market could be given that people are making 400x or 4000x on their money. My reply:

Bernie Maddoff's earliest clients made out quite well for themselves. No one ever said pyramid schemes aren't profitable for early arrivals. That’s why they've propogated for centuries. Plus, as I said, this one might settle into a legit market. I doubt it, but it's possible.

But saying “It’s not a bubble because people are making 4000x profit” is like saying “It’s not murder because look at all the blood”.