The Perverse Lesson of Bitcoin for Other Currencies
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A reminder that currency is the value of promises carried by the paper on which it is printed, in the form of Bitcoin, which makes no pretense to have any promise whatsoever except what the market attributes to it. Bitcoin has appreciated sixfold in terms of one of the other promise-backed currencies while dollars ??? in terms of what… gold perhaps and, if so, dollar promises went up compared to those promises elsewhere that went down. A conundrum.