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The Bitcoin Bubble

https://www.myrmikan.com/pub/Myrmikan_Research_2017_10_26.pdf

This was written in 2017 and he references it below which was released today. nostr:note1nsf7rm8sfgffh83xlpfkfht6f6wlcv39g8lwz064aacyjf6h9tysuyajwc

Fred Johnston 1y ago

We don't know how Bitcoin will react to a global bust - and as the article states, it's going to break - we just don't know when.

But the author fundamentally does not understand the energy component of Bitcoin.

Go read all nostr: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 books, including "Principles of Economics" and I think you will see through this article.

https://saifedean.com/

Be sure to read "Broken Money" too - it's a great 20 book history lesson on money condensed in one 500 page book.

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Discussion

Jaret 1y ago

I read Saif’s Bitcoin Standard, Broken Money, and many others.

“It’s gold’s tie to the physical world added to its innate liquidity profile that keeps it’s value so stable and makes it such good money. There is no equivalent with Bitcoin…. … Bitcoin has no anchor in the physical world.”

He lays out many solid points on the strength of Bitcoin but clearly falls short.

Bitcoin is anchored by the laws of gravity, proof of work energy— arguably better and clearly more measurable than Gold.

There is no Bitcoin without a proven physical expenditure and conversion of energy.

Endlessly competitively physical!