"Bah, liquidity, that's just a word unscrupulous finance types use to defend squeezing profits out with HFT and all that nonsense. We'll entirely eliminate the need to worry about it in the bright new cryptocurrency-fueled economy."https://twitter.com/cperciva/status/954532489174765568 …
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Houses or closely held businesses are illiquid: they are hard to sell when you want to (weeks/months of work involved, high transaction costs) and, if you *need* to sell them, you might have to sell them at a large discount to their intrinsic value.
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Liquidity is not binary; you can think about it in terms of a depth (liquid, get it); you can sell millions of dollars of Google stock without meaningfully affecting the price, but selling billions is probably out of reach. Bitcoin is liquid... but not to material levels.
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