22 Mar
1999
22 Mar
'99
9:55 a.m.
At 10:58 AM 3/21/99 -0800, Sellam Ismail wrote:
Think of it this way: if a toy stuffed with beans that cost a couple
dollars to manufacture were to be made for sale in a way which makes
people perceive a scarcity, and that toy was then subsequently priced up
to $1000 because of dealers and price speculators feeding on the perceived
scarcity of that toy, is it really worth $1000? Don't answer that yet.
Now fast forward a couple years in time and the market runs its course,
people are fed up with this toy and don't care about it anymore. The fad
is over, the bottom of the market drops out, and the last sorry asshole to
pay $1000 for a toy stuffed with beans is left holding an item worth maybe
$50 to the person who still hasn't caught on that it was all just an
irrational frenzy to begin with.
Uh, yeah, I think there's at least two auction sites like that:
NYSE and NASDAQ.
- John