David Rosenthal: belief

Transcript context

…Totally. The lab grown diamonds are chemically identical, and it's a huge accomplishment of humankind that we've figured out how to do this. On the one hand, they're identical. You look at them, you right click, you download the JPEG, and these things are identical. But on the other hand, we are only going to get better, Moore's Law–style, at creating lab grown diamonds. They will asymptotically approach zero, maybe not zero, but some number. Every year, presumably, they should get cheaper and cheaper and cheaper. Whereas for something where there's a known finite supply of them like GIA-certified number-etched diamonds, there's a strong argument for that to hold its value to the extent that you care about an engagement ring holding its value. But that will hold its value much longer and much more durably. Truly, the best way to articulate it is, well, if you believe that this JPEG has value, but that other JPEG doesn't have value, and that other JPEG is the exact same bitmap as this one, why do you believe that? Oh, I see, it's got an on-chain location and blah-blah-blah. It's literally the exact same thing with diamonds. All right, we're going have to do a De Beers episode at some point because this warrants a full Acquired deep dive, I think. Yup, agree. David Rosenthal, what was your favorite episode this year?…

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