• context [fae/faer, fae/faer]@hexbear.netEnglish
    31·
    17 days ago

    this will certainly not lead to an ecosystem of algo-driven haggle-bots eternally trying to squeeze out enough arbitrage to pay the electricity bills

    margaret-thatcher but buying and reselling to each other over and over again will increase gdp like never before! we’ll all be rich!

      • HexBroke [any, comrade/them]@hexbear.netEnglish
        16·
        16 days ago

        first-time

        In 1880, Melbourne was the richest city in the world, until it had a property crash in 1891 when house prices halved causing Australia’s real GDP to crash by 10 per cent in 1892 and seven per cent the year after.

        The depression caused by this crash was substantially deeper and more prolonged than the Great Depression of the 1930s - if you bought a house at the top of the market in 1890s, it took 70 years for you to break even again.