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The Intellectual Incoherence of Cryptoassets Early in my career one of my mentors gave me one of the best pieces of common sense advice on trading that I ever received. Never buy financial products you don’t understand. And in today’s market there’s one very pathological psuedo-asset class, that despite all the sound and fury, I dare say nobody fully understands: crypto assets. Tis a very strange phenomenon that we as a civilization are allocating so much time, effort, energy and CO2 emissions t...