Moulding one’s own Reality from blobs of Overinformation

Louis Rossetti, in conversation with Om Malik:

Today, with so many different nodes on the network, the idea of “that’s the way it is” seems ludicrous, although people adhere to it in this atavistic way of thinking that there is a “that’s just the way it is” reality. There is a real reality. I think everyone of us are touching the elephant and trying to imagine what that reality is. Instead, what’s happening is nobody can get the whole elephant, so there’s this consensus reality that is being generated about that elephant.

... we don’t really know that’s the way it is on an individual level. The whole tribe has a sense of it in their subconscious, a super conscience way. It’s time, perhaps, to let go of the feeling that there is a security of one reality, although there is only one reality.

Speculation is when you store value instead deriving it from utility

Fred Wilson:

...that point is that you can’t keep spending something that goes up as much as Bitcoin has.

So I don’t spend Bitcoin anymore.

I hold it.

It’s a store of value now.

Ironically, once you realise something is valuable because it has utility, you turn it into a store of value.

That’s when speculation begins. And prices begin being driven up, and no longer because of its increasing utility.

When common wisdom is “sure, it’s valuable today but let me not use it because it’ll be even more valuable tomorrow”, and now that increase (explosion?) in value is because of little other than everyone thinking the same thing.

Bombay real estate is exhibit A.