About as valuable as NFTs
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[–] 12 points 2 months ago* (2 children)

Reminds me of Aluminium.

  • Literally everywhere since the dawn of time.
  • Impervious to fire, so couldn't smelt it for thousands of years.
  • Electricity invented, and can now separate small amounts of it
  • Worth more than gold, crown jewels made of it
  • Market valuation keeps increasing
  • New technique involving sodium allows us to extract large quantities of it
  • Market valuation nosedives to nothing in a single day
  • We use it to wrap food and drink cans with, and then we chuck it

Can you imagine being an investor back then

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  • [–] 3 points 2 months ago (1 child)

    Only tangentially related, but I like this story

    https://www.scottsdalemint.com/articles/2024/the-hunt-brothers-how-two-billionaires-broke-the-silver-market/

    Tl;Dr two brothers tried to corner the silver market. Almost made it. Until they didn't.

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  • [–] 1 point 2 months ago

    Interesting read -- though my main takeaway is that even when you're billions of dollars in debt, you can still come out with your vast fortune because your estate is not touched by litigation. So they declared bankruptcy and still kept their millions in assets

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