[tgraves83]

I think cryptocurrencies definitely do have stronger network and memetic effects than gold. I agree with you that something like a bitcoin standard would probably be a disaster.

However, I think of bitcoin as more of an inflationary hedge (even if we don't actually get inflation) or check on central bank monetary policy. So it's ultimately just an alternative asset. It also has some pretty amazing potential as a global settlement network but more so when it's volatility goes down.

[BenoitEssiambre]

The inflationary edge should be capital, inventory, productive investment eg. real stuff, not immaterial crypto tokens.

[tgraves83]

I generally agree. However, these can become bubbles themselves or be overcrowded trades. Plenty of the value in those investments is pure speculation and not productive investment. A typical hedge against equities being overvalued would be bonds but those don't look that attractive right now either. Maybe the world needs another alternative. I would argue the current price of bitcoin is the market agreeing with that.