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@CatherineFlick A market with zero liquidity can have arbitrary nominal valuation. Meaningless.

If I steal the Mona Lisa and make 10 million identical copies, collectively they must be worth more than the rest of the planet combined. Except for the part about there being maybe six buyers in the world who would pay full price for one, and then only before they know anybody else has one...

There was a Doctor Who episode, City of Death, that had that as a subplot. See also youtu.be/ZZ3F3zWiEmc

Prof. Catherine Flick

@landley yes I have written academic papers on this wrt crypto/NFTs, I don’t need it to be explained to me