Honestly the "feeling" I get when looking at crypto is similar to the feeling I get when reading up on carbon credits. In theory it should have some utility... but in reality it's just a bunch of speculators driving around the price.
It’s *most* like a currency - can use it as margin, borrow and lend it, has associated interest rate, many derivatives denominated in BTC etc. If a commodity it would be the only non-physical one. If a security, what rights does it give other than the trivial right to sell it?https://twitter.com/quantian1/status/1430552357914415106 …
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Carbon credits still have the marketing utility, companies can buy and say "Look at us, we are a green company"
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Where’s ‘Ponzi’?
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No overnight rate or term structure of interest rates, and as far as I know, no one denominates anything or calculates pnl in units of MSFT shares.
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What's the associated interest rate?
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Exchange and OTC desk lend/borrow rates.
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It has production breakevens which make it very much like a commodity. No currencies have breakevens but you can borrow against commodities. In Brazil, land is priced in commodities. Major commodities have their own derivatives. It is not a security at all.
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Power futures are classified as commodities. So we are calling electricity “physical” but not Bitcoin? Also… there are plenty of other cash settled futures products which don’t convey any right beyond the “trivial” right to sell.
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