Kryptonite 2: Bitcoin Bubble Dynamics And The Relative Scarcity Illusion

BTC is not a general medium of exchange, or putting it differently, regardless of whether it has the potential to become money (and it presumably tends to be purchased by people who believe in this potential), it is not money right now. This is something it has on common with gold at this juncture: it is a financial asset with various monetary characteristics, a “money in waiting”, so to speak (of course gold no longer needs to prove to us that it can be money; we are aware of the differences).

http://davidstockmanscontracorner.com/?p=174532&preview_id=174532&preview_nonce=6a1b749141&preview=true

 

 

 

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.