There’s a similar sense where a stable meta is where people have to believe that other people don’t understand the meta (otherwise they would think the meta is priced in).
Interesting idea, I suppose there are different flavours of stable meta games. I’d argue that a stable meta is one with a persistent underlying mechanism (as per the article). Moreover, I think you need others to understand the meta game, it’s hard to have a (3;3) dynamic when there is no counterparty to coordinate with.
Eventually the meta game cracks, but there is a considerable ‘Goldilocks’ period where one can (3;3) before defecting.
Good article, I enjoyed reading it. I leave you this, which in some way makes a good confluence with what you say(this cycle is more institutional than previous ones.).
This makes me think of Narratives and Pseudosecrets: https://www.michaeldempsey.me/blog/2019/11/19/narratives-pseudosecrets/
There’s a similar sense where a stable meta is where people have to believe that other people don’t understand the meta (otherwise they would think the meta is priced in).
Interesting idea, I suppose there are different flavours of stable meta games. I’d argue that a stable meta is one with a persistent underlying mechanism (as per the article). Moreover, I think you need others to understand the meta game, it’s hard to have a (3;3) dynamic when there is no counterparty to coordinate with.
Eventually the meta game cracks, but there is a considerable ‘Goldilocks’ period where one can (3;3) before defecting.
Absolutely, Nash Equilibria in narrative space definitely makes sense as a stability condition!
Good article, I enjoyed reading it. I leave you this, which in some way makes a good confluence with what you say(this cycle is more institutional than previous ones.).
https://www.coinglass.com/bitcoin-etf
On the other hand, how do you see the current panorama of ETH staking and the launch of Sol?
Greetings!