BITCOIN SUCKS AS CASH AND IS A LOUSY STORE OF VALUE

Bitcoin Remains A Prudent Speculation

My heretical views of Bitcoin remain unchanged. It sucks as cash and is a lousy store of value.

In 2019 I could not help but be amused by a 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. It is a crappy beer that bloats you. But, unlike bitcoin, the debates aren’t serious!

Sound money has always been lousy cash. Bitcoin and gold are both lousy cash. Sorry Elliot, but gold is useful as cash only in isolated cases when gold was plentiful and all else dear. Useful gold cash was developed off-chain (using current lingo) on a gold standard (also developed off-chain). Sorry Dan, but gold was a reliable store of value only when the gold standard emerged organically in the…