We’ve all probably heard the news of Bitcoin reaching new highs for the last weeks, but what is little talked about is that this triggers some excellent reflections and explanations around crypto-currencies that are worth reading. Here are some of our favorites so far this year:
by Joe Weisenthal from Bloomberg.
There’s plenty of evidence for it:
It has a prophet. Satoshi, who not only has never been identified but who has apparently departed the world.
Not only is there a prophet, Satoshi was apparently in it for the benefit of all mankind. There’s no evidence that Satoshi ever sold a single coin.
Bitcoin’s first block was called The Genesis Block.
Bitcoin has a sacred text: The White Paper
By Tyler Cowen
Crypto assets can be either useful hedges or useful forms of payment — but not both […] The more utopian scenarios for crypto, whether proponents realize it or not, rely on the notion that crypto remains simultaneously fringe and mainstream. That will be a hard trick to pull off.
By Matt Huang, Paradigm
Since Bitcoin’s inception, many intelligent investors have observed that it appears to be a bubble. They are more right than they know. If we define a bubble asset as one that is overvalued relative to intrinsic value, then we can think of all monetary assets as bubble assets.