I heard a belief on September 10, 2023 in Singapore: ~”When people lose money, they learn, they become more intelligent.” And I thought – huh. That’s kind of neat. I want to believe that. Is that true? Why do I want to believe that? I want to believe that it’s true because that would be awesome! It would mean diminishing returns for the wolves. Sure, a sucker is born is every second, but maybe a hundred are converted into skeptics every minute? If it was true, the world become progressively better. The population vulnerable to raiding, to fraud, to injustice, would be diminishing all the time. Sure, collectively, we would never get to zero, but it would approach some asymptote,[…]