[automatic6131]

>This is because national currencies keep inflating Now consider the (dominating) 2nd order effect that the price of the "bag" was inflated by leverage and speculation.

Definitely worse than most national currencies outside of select countries.

[danuker]

Speculation is healthy in a market. For example, futures contracts let farmers hedge themselves against bad weather.

But I think leverage is insane with the volatility of the cryptocurrency market.