Comment Re:Might as well invest in tulips (Score 1) 134
The correct price of a stock is the sum of the temporally discounted values of all distributions that the stock will eventually pay.
No one knows exactly how many distributions the stock will pay and what amounts those payments will be, so stock prices fluctuate as people incorporate new pieces of information and new unsubstantiated speculations into their guesses.
The nice thing about crypto is that we don't have to guess. A Bitcoin will make zero distributions over its lifetime. The sum of the temporally discounted values of all of its distributions is therefore also $0. The correct market price of a Bitcoin is therefore $0.