There Is No Evidence That

What We Have Found Over The Years In The Marketplace Is That Derivatives Have Been An Extraordinarily Useful Vehicle To Transfer Risk From Those Who Shouldn't Be Taking It To Those Who Are Willing To And Are Capable Of Doing So.

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.

The Free Lunch Has Still To Be Invented.

It's A Bubble. It Has To Have Intrinsic Value. You Have To Really Stretch Your Imagination To Infer What The Intrinsic Value Of Bitcoin Is. I Haven't Been Able To Do It. Maybe Somebody Else Can.

The Process Of Innovation Is, Of Course, Never Ending.