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by awt
2922 days ago
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The point is not that Bitcoin is a government bond, if that wasn't obvious, but that just because some people said it's a currency and proceeded to build failing businesses on that faulty premise doesn't preclude it having actual, unrelated uses, such as a store of value with a vastly different risk profile than any other asset ever known. |
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For which there (a) is zero evidence and yet (b) are lots of unsophisticated investors throwing money at. This combination is well known in financial engineering circles, which has had a habit of dreaming up assets with inobservable specialness since the days of John Law.