"State recognition of a commodity as money may give it the character of money in the legal sense, but not in the economic sense" - Carl Menger.

8/ It is a common mistake to think that a medium of exchange must be commonly accepted (CAMOE), i.e. money, in order to have monetary value (apart of its use value). Most economists would benefit from a careful reading of Menger's Theory of Commodities.

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7/ The rational consequence of his statement about bitcoin being worth 0 can only be that he owns a load of put options.

Is he trying to shift what "we expect that we will expect", so bitcoin loses its appeal to us and "then the value must be zero now"? Good luck with that!

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5/ He seems to ignore the cost of carry that dilution represents for gold holders.

Bitcoin is a fixed set of units, so that cost will become zero.

Technology is just there to enable the command of them with minimal trust requirements, or need for TTP to enforce property rights.

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2/ I agree that price appreciation implies volatility and volatility prevents is from becoming a "currency without government". Not sure what "BTC Capitalization Volatility" has to do with this, though. Or how he boldly jumps from there to set a zero target price.

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