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I have never been a fan of the "everything is a shitcoin" thing. It's hyperbolic. I think people use it that way and far too many take them literally.
Shitcoins are usually literally worthless ponzi schemes. Real Estate has actual utility but of course the state and the fiat banking system have manipulated the markets and distorted them.
Land is a scarce resource and homes have actual value. I'm more of a fan of comparing and contrasting vs oversimplification and generalizations. I love Saif's books but this is a point I disagree with him on.
Of course I agree with both of you but there is also a lot of artificial scarcity and price manipulation that benefits current bag holders, so it’s not entirely off the mark as an analogy.
Well, that's the point. It's more hyperbolic than accurate. Real Estate is inflated by the fiat system just isn't a quipy but is more accurate. He knows this. He uses the term for effect. Just not my style. It's great for preaching to the chior but not to outsiders.
The other thing is real estate as an investment is different from real estate as a citadel. A home. Real Estate and homes are used as savings vehicles and that's flawed. Bitcoin is better. But you can't live in a bitcoin. Understanding how to use things and how not to is key.
More than being inflated by fiat, prices are arbitrarily inflated by the state holding so much land off the market. That means it’s vulnerable to a rug pull if those restrictions are ever repealed.
To me, that’s an important distinction between real estate and other goods that are produced according to their costs of development.
I take your point.
Most shitcoins are literally shit created out of thin air with no purpose other than pumping and dumping.
Isnt "Flipping" houses essentially this over a longer time horizon?
Add to that the diminishing quality of building materials and the amount that this done thru financing, and how far really have we strayed?
Most flips are actually value-adds, where the flipper buys an old dilapidated house and upgrades it and resells it at a profit. Which is just normal economic activity. Of course, there may be some price speculation and unwise debt financing, but that doesn't make the underlying activity itself illegitimate or unethical.
Dunno much regarding quality of building materials. I did recently visit Toledo in Spain and seeing the gorgeous architecture which has lasted centuries made me wonder why we don't build anything as lasting in the modern world.
Somewhat tangentially -- i recently heard an alt(shit)coiner try to explain the ethics of their activity by saying that money-making has always been about people figuring out ways of exploiting others (a less eloquent paraphrase). By no means do I agree.
Which is just normal economic activity
Shitcoins/nfts and the like have the shadowy semblance of this, perhaps, leaving out the value-added part.
Eh, I think that's a bit of a stretch. Most shitcoins are literally shit created out of thin air with no purpose other than pumping and dumping.
Real estate can be built, but it takes work and effort and materials. Land, especially land in a good location, is also in limited supply.
Bitcoiners don't have to be hostile to everything non-bitcoin