as is said above, bitcoin is not tied to assets, whereas real money can only ever be a token of energy exchange. Bits of paper and coloured plastic have no intrinsic worth

Shouldnt that be stated in large bold caps? like death notices on cigarette packs? — -$$ and ££ signs after bitcoin numbers deflect people from reading or believing that part

without the underpinning of energy in the society in which it circulates, money can have no value. Therefore bitcoin is an electronic mist. and trying to cut a slice of it is just as difficult as defining bitcoin value in real terms.

Yes, it is possible to invest in bitcoin, and take from it an increase in ‘value’ in real cash terms on an individual basis, but this is taking cash out that someone else put in. If everyone cashed in their bitcoin holding, the pyramid would collapse. (sounds familiar somehow)

If everyone holds their bitcoin indefinetly, then the ‘value’ element can’t materialise into anything , and must eventually evaporate into nothing — -something akin to a kettle boiling dry perhaps?

If I’m missing a trick there, I’d seriously appreciate being corrected

The value of bitcoin is only what people say it is, that can evaporate in seconds.

co-author of The End of More, in paperback and kindle on Amazon email

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store