This is a terrific thread, and you should read the whole thing, but to reiterate one point: the valuations on Musk's and the other tech barons' companies are entirely faith-based positions. This is important to remember when the Musks and Altmans talk about inevitability.
Spacex is just a continuation of the logic of crypto, in which something is valuable because some people think other people will pay more for it in the future, and *not* because it does useful things:
johnquiggin.com/2018/02/09/b...
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johnquiggin.com
I have a piece in the New York Times looking at the implications for the bitcoin bubble for economic theory and, in particular, for the (Strong) Efficient (Financial) Markets Hypothesis (EMH) which…
