Stephen Yearwood
1 min readJun 15, 2019

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One problem with your analysis is that Bitcoin (as a proxy for other ‘virtual currencies’) is not a virtual currency, but virtual gold. Like gold, it is ‘mined’. Like gold, there is an unknown but finite amount of it. Like gold, new ‘finds’ are utterly random in timing and amount. Like gold, it can be used for exchanges, but is primarily a speculative asset. The Bitcoin logo is even made to look like gold. The only difference is that gold has uses as a material that virtual ‘gold’ cannot have.

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Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

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