So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it. https://twitter.com/gwestr/status/1066769641026969600 …
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You can short bitcoin futures at CME
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Believe me, I know, but the combination of ~$40k of margin requirement per Bitcoin (at least at my broker) plus 25% circuitbreaker (and pre-commitment to not settle at or near zero) means my risk to the upside is uncapped but returns on the downside are not very attractive.
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I have a soft spot for mortgage backed securities -- in their purest form they serve actual both policy and economic interests. Cryptocurrency though... man, I've been looking at it for five years now and I still have no idea what purpose it serves.
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I like mortgage-back securities too. Among other things I think it is highly likely adoption of them in Japan is what made all the banks very willing to underwrite my mortgage. (“Hmm white guy but eff it the loan conforms.”)
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You called it. Big Short for Nerdbucks! I think any investigation or prosecution of bitcoin shenanigans creates an unacceptable moral hazard. This is not and was not ever a security or legit trading platform. And it's non-speculative uses are nothing, unlike gold
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If you say SoV is speculation, fine. But one need to also admit that regardless of the use value of Gold, bulk of Gold’s value does not derive from that. Now is it possible to have a class of asset that has its value derive purely from it’s scarcity? That is the experiment.
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I can see an argument to say the use value is low. But I don’t see how one can jump to 0 How much of the SoV narrative is ‘use value’, how much is speculation? One can ask the same question for Gold and the Mona Lisa, etc. It’s hell lot easier to fake the Mona Lisa than Bitcoin
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