In the past, building a market required users, products, all that mess—farmers taking their plump pigs to market. What we have now is a means of spinning up any number of auctions, a method for the mass manufacture of middlemen. This is the destiny of Silicon Valley. And with ICOs and Bitcoin exchanges, we have a marketplace to value marketplaces. What in Galt’s name could be wrong with that? We’ve never (surveys vast tracts of empty Florida homes) had trouble before…..
Bubbles are melancholy things—swirls of lies and optimism used to hide a million unrealized yearnings. Bitcoin will crash because of course it will. Bubbles burst. The real estate and athletics management people go home, and the believers remain, meeting up, planning new markets. It could take years, it could take a decade, but the blockchain freaks have a world in their heads, and they won’t rest until it’s real. That the rest of us live here, too, is the least of their concerns. Some of the things they’ll do will be magical, community-building, economically thrilling. Others may keep us up at night.