AUSTRALIAN BANKS CUT BITCOIN Bitcoin. Told ya. Not money. Divisible shares of st

AUSTRALIAN BANKS CUT BITCOIN

Bitcoin. Told ya. Not money. Divisible shares of stock.

Example of why operational names not analogies matter. Behaviour is demonstrated not conveyed by meaning.

My position was that it wasn’t money. And that it was fraudulent to call it money. Even if in error.

Great technology – except for its not insured by anyone. If insured by a government, or by banks or as means of transfer, it’s innovative.

But basically it cuts out any value if insuring the transaction to the insurer. So it produces negative incentives.

I said the state would break it. And that’s what I see happening.

In retrospect it was caused by t technological failure to create interfaces and applications usable enough for common people to adopt.

Payment by phone is the future and the only store of value is a commodity. Preferably money. Real money. Commodity money.

Shares only retain value as long as owners have faith in the persistence of the company they hold shares in.

I’ve been writing a piece on money to correct mises’ categories.

Guess I should finish it.