Ugly Old Goat
4 min readJan 18, 2019


I could not help but be amused by recent tweetstorm by Dan Held proclaiming bitcoin is a store of value and subsequent rebuttal by Elliot Olds that it is a medium of exchange.

It reminds me of the classic Miller Lite Beer commercial debates in the 1970’s . . . tastes great versus less filling . . . except in bitcoin, the debate is serious.

Tastes Great! Less Filling! Both wrong. Its a crappy beer that bloats you. But, unlike bitcoin, the debates aren’t serious!

WTF is this all about anyway?

All I see is two more analysts with useless divisive drivel driving a wedge in the Bitcoin community for the sole benefit of personal vindication of what they think Bitcoin is or should be. Both citing their own authorities within the bitcoin community to make their case. Bitcoin stupidity at its greatest!

When you get too anal you get lost in your own shit.

Gold, Bitcoin, and BCash are all three lousy cash. Sorry Elliot, but gold is useful as cash in only primitive barter systems. Useful gold cash was developed off-chain (using current lingo) on a gold standard (also developed off-chain).

Jason Siebert has no understanding of the gold standard, but even a lawyer can recognize bitcoin is no store of value.

If you don’t believe me, just ask the contractor I persuaded to be paid 85% dollars and 15% bitcoin last January on a $200,000 building when bitcoin was at $13,000+.

Sorry, Dan, but bitcoin sucks as a store of value. Hodlers are speculators betting on the come.

So, then, what is the use case of bitcoin? Frankly, not much. . . until it is recognized for what it is.

The evidence shows “hodling” bitcoin in anticipation of the emergence of sound money through unfettered competition on THE BITCOIN STANDARD has significant merit in conjunction with a prudent entry plan of Dollar-Cost Averaging applied to 5% to 15% of one’s net worth.

The results of dollar-cost averaging bitcoin $500 monthly from January 2014 peak.

Bitcoin is a speculative investment for early adopters who recognize that a common STANDARD, as envisioned by F.A. Hayek is a pre-requisite for a level playing field for the emergence of a store of value and efficient cash. . . and that the digital asset with the longest chain, secured through proof of work, with an unprintable limited supply, and unconfiscatable . . . or BITCOIN . . . is the sole digital asset meeting said requirements for such a STANDARD to emerge.

The opposite of THE BITCOIN STANDARD is not currency competition. The opposite of THE STANDARD is competing standards which is the sad state of affairs in the Keynesian Crypto World today.

Competition in currencies is on THE BITCOIN STANDARD which is the longest chain secured by proof of work with a fixed supply and unconfiscatable, or Bitcoin.

Because Bitcoin is the longest chain with a fixed supply secured by proof of work, bitcoin is Hayek’s STANDARD. Hayek did not foresee competing standards. He saw that one standard would emerge and the competition would arise on that standard.

Denationalization of Money means competition on THE STANDARD where sound money is developed in the marketplace in competition with national currencies. The competition is the innovation developed off-chain on The Standard.

Just like The Gold Standard was developed off-chain from gold, The Bitcoin Standard will develop off-chain from bitcoin. Just as gold is not efficient cash, bitcoin is not efficient cash. Efficient cash will emerge off-chain based on The Bitcoin Standard just as efficient cash emerged off-chain based on The Gold Standard.

Just as the gold standard turned gold into a useful store of value (off chain from gold)and later useful cash emerged based on the gold standard (again offchain) through market forces, THE BITCOIN STANDARD is based on speculation that bitcoin will emerge into a useful store of value and useful cash (again both off chain).

Dan and Elliot, and you too, Jason! . . . Break free, study history, study economics and start thinking out of the box ! Far more unites us than separates us. We all see it coming, now let’s work to make it happen.

Store of value, medium of exchange, unit of account, full global money. We are all on the same page. Let’s not be anal about the order. Right now bitcoin is lousy cash and sucks as a store of value.

Hope this helps.