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Comment Re:Just the latest "Invest in me!" scam (Score 1) 51

impossible to get to 100%

Fortunately this doesn't really matter because all technologies are impossible to get to 100%. Everything fails sometimes; nothing is perfect. All we need is better than a human driver.

Then there's bitcoin, which has literally zero intrinsic value

So just like fiat currency! Although with fiat currency at least there's a government that will accept it.

Now there's AI, which as far as I can tell can only write high school essays and a few incorrect pages of code

I've found it useful for programming in areas I'm less familiar with. It has a long way to go before it will be a society changing technology, but these sorts of things can sometimes go a long way in a short time.

Comment Re: First ask the question... (Score 1) 78

that's just an input value into the value of the for-sale thing to the buyer.

Not necessarily. A perfectly rational buyer (stay with me here!) wouldn't care at all how many competitors there are in the market, just what they're getting for their money. There are situations such as luxury goods where that does come into play (you can't get a Luis Vuitton bag from anyone but LV so it's "worth" more just because of that), but often the buyer doesn't care and may not even know about the level of competition.

No matter the details of the circumstances it always comes down to value = the price someone is willing to pay.

Again, not always. There could be goods where people would be willing to pay more if they had to, but competitive forces keep the prices down. In the housing market specifically, perhaps a buyer would be willing to pay $700,000 if that's what they had to pay to get a house they like. But if there are enough houses on the market that such houses are priced at $600,000, they're going to pay that lower price. The supply side is just as important to price as the demand side, and competition heavily influences that.

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