And this is where I differ from Gold Bugs and Bitcoin Maxis. My world view is that under a functioning commodity standard, a natural market continues in the reference commodity.

https://x.com/hubertusvie/status/1820134086800785527?s=46 1/4

Your favourite moaning Business Blockchain no-coiner.
Head of Oracle 11g @ West Ham Capital

(A successor account to @thomasbarkercom)

Even if tiny, this natural market ‘gives the price’ to the banking system. Gold was ideal since a huge value of it could be brought to a single place in a short time, supply was very stable, demand was stable (non-seasonal!), and widely desired for a range of uses. 2/4

If the degree of financialisation overwhelms the natural market, feedback occurs and we get the 1920s (or possibly 1857 panic).

I’d see Bitcoin as existing in a state of permanent hyper-financialisation. 4/4

(Still good as a “monetary right to bear arms” as @Izabela Kamiska put it.)

Or that my view is that Good Money has the lowest monetary premium. And the Bitcoin Maxi view is that good money is entirely valued at monetary premium.

Or that my view is that Good Money has the lowest monetary premium. And the Bitcoin Maxi view is that good money is entirely valued at monetary premium.

https://x.com/theklineventure/status/1821314713822580821?s=46

As the natural market is vast (the entire world supply) and the financial demand for hard (SHOW ME THE MONEY) specie was just the odd bank run here and there, the system worked and stayed stable. 3/4