I kicked myself off Twitter again today, cuz I was being too windy.
But there is an, and another thing, so I will just stink up my own blog. If you came here, then that is your fault. This is pull, not push, technology — unless you signed up on email, which again is your fault.
It seems to me that Bitcoin and the like embody three things:
- Blockchain technology, which may have uses independent of how the transactions are denominated.
- An object of speculation.
I am not into essences and categorizations. To me, they are mostly a waste of time. Shit is what shit does. So spare me your amateur philosophical speculations into what this or that really is. Yawn. Such things are just tricks to make stupid people think you are a smart person.
But having said that, I don’t think Bitcoin has a shot at being money, at some risk of referring to an essence. Maybe if they pegged to the dollar it would be money. Maybe the blockchain will evolve to achieve just that. Or maybe a blockchain forward market in BIT/USD would achieve roughly the same thing. Who knows?
As it stands now, the price of actual US stuff denominated in Bitcoin has been collapsing. That makes Bitcoin very cool as 2) but useless as 3).