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Sometimes I suspect that the reason why the cryptocurrency crowd and me have difficulties understanding each other is because we have different views on the origin, and purpose, of money. My view is similar to the one espoused by Aaron Brown in "Red-Blooded Risk": That money ...
... arises automatically from debt, and that it's purpose is a medium of exchange, and a *short term* storage of value (long enough so I can transact with it). The cryptocurrency people appear to mostly have a view of money as "gold equivalent" and somehow think that it should...
... be a long-term store of constant or appreciating value.
I don't know who is right, but I do know that an appreciating currency has all sorts of bizarre effects on investment decisions, and with a lot of talk about it being revolutionary, there are surprisingly few ..
I don't know who is right, but I do know that an appreciating currency has all sorts of bizarre effects on investment decisions, and with a lot of talk about it being revolutionary, there are surprisingly few ..
... sober discussions of second-order effects.
