It's the Economy Stupid - Google Docs

By Wayne Brown
It's the Economy Stupid - Google Docs

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Bitcoin

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Bitcoin is not a currency. Very few people, from Nobel Prize Winning economists to the "man on the street" understand money and value. The phenomenon of cryptocurrency is a case in point. I highly recommend the little horror story of Gerald Cotton and Quadriga  as background to my comments here. Not wanting to trust their money with any "central authority", Quadriga's customers handed over their life savings to a trusted criminal and they vanished with him when he died. Marketplaces in of any scale require an underlying currency to function. At the very least, such currency must have a more or less stable value on the day the market takes place. In practice, such currencies become stable in larger territories over longer time periods, usually backed by the agreed-to value of some particular good, such as gold or silver or the promise to pay gold or silver.  Unlike in the imagination of crypto believers, the "government" is just another play...
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