A very striking example is the Art—and now the NFT market.
Art tokens have (almost) no use value, yet they can command enormous prices. Their value is completely derived from some sort of collective/common knowledge game & coordination/correlation of many players (or few players with a lot of weight).
Naively, one would expect art to have no value—and perhaps a CDT agent in your sense (I don’t quite get this) would never enter the art market. Ofc real fortunes have been made by shrewd operators so empirically there is something there.
Mm, to add context, you’re mentioning this because it’s a very anti-inductive market, yes? And yet people keep participating. So why wouldn’t they keep participating in the refund bonus extraction game of chicken.
A very striking example is the Art—and now the NFT market. Art tokens have (almost) no use value, yet they can command enormous prices. Their value is completely derived from some sort of collective/common knowledge game & coordination/correlation of many players (or few players with a lot of weight).
Naively, one would expect art to have no value—and perhaps a CDT agent in your sense (I don’t quite get this) would never enter the art market. Ofc real fortunes have been made by shrewd operators so empirically there is something there.
Mm, to add context, you’re mentioning this because it’s a very anti-inductive market, yes? And yet people keep participating. So why wouldn’t they keep participating in the refund bonus extraction game of chicken.