On the Mathematics of Liquidity Value (Part …

Bubbles pop. Except maybe, sometimes they don’t. Like sometimes, they end up as: Fiat currency, in a lot of respects, has many of the bubble properties I’ve talked about. In the last post, I talked about my conceptualization of moneyness, which we can formally define as the proportion of imbued value we give an asset that comes from liquidity value — our forward projection of liquidity for the asset.

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