[kafkaesq]

How is bitcoin different than other commodities or property in this regard?

The key distinction is that, mercurial though their price fluctuations may be - traditional commodities such as oil or real estate at least have some intrinsic value, and hence, an intrinsic floor to their valuations. Meanwhile, to the extent that any of these "coins" have such an intrinsic value - if they can even be thought of as "currencies" at all - it is extremely hard to pin down.

Which is Bogle's central point: to the extent that any of these instruments have "value", it's in the belief that ... that value will keep going up, and up, and ever up.