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A Practical Look At Bitcoin Micro-Fundamentals
Or Where Bitcoin Fundamentalist’s Tend To Err
First, allow me to distinguish between what I consider to be bitcoin macro-fundamentals and bitcoin micro-fundamentals.
Bitcoin Macro-Fundamentals
The case for bitcoin does not come from bitcoin at all! As with all things, bitcoin has no intrinsic value. It has only imputed value.
While bitcoin is certainly a technological innovation, its discovery was motivated by and its imputed value is derived from a universe without sound money. If the world had useful sound money there be no use case for bitcoin! It may have been some interesting mind game swirling in Satoshi Nakamoto’s head, but that would have been the end of it. The white paper would be no more than a forgotten personal journal.
Bitcoin is only useful because we don’t have sound money. Rather the world is quickly crumbling around us as a result of what my mentor E. C. Harwood identified in his landmark work The Three Greatest Swindles In The History Of Mankind nearly 50 years ago.
These three greatest swindles updated and applied today can be summarized as follows:
- The Inflation Swindle
