You know what's interesting to me? I've probably had a dozen discussions with different people all asking me about cryptocurrency and not a one of them gives the first fuck about utility. They don't care at all what Ripple is good for. What they know is that if they bought some last year they'd be fuckin' rich this year.

These are people who have never shown the slightest interest in equities. They don't even know what a dividend is. They don't have 401(k)s. What they know is that they can play the ponies on GDAX or whatever with whatever money they have and they can see real, actual appreciation.

The real market is on a tear right now. That halcyon realm where Goldman Sachs used to get fuckin' rich. It's up 30% YoY because the markets figured out that the Trump administration wasn't going to regulate shit and there was sun shining to make hay. But if it legit costs you money to hold Tesla, and you can only buy it in increments of $350, what the fuck is the point?

I think we've all neglected the huge X-factor the average no-pension no-IRA no-401(k) Uber-driving Millennial plays in all this - crypto is like playing in Forex without having to stake a $100k bond, with the potential gains that dwarf the dotcom bubble. And I think there's this assumption that everyone is going to shuck out of crypto just as fast as they shucked into it without recognizing that people don't do that with goddamn stocks.

Cryptocurrency is a movement to many of the participants. There's a zeal there that you don't see in equities or beanie babies or anything. And I think it's going to warp the ever-living fuck out of expectations.