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A merchant accepted $123K worth of bitcoin yesterday. Before he can pay his vendors today, it dropped to $115K. The merchant is short the money he needs to pay. It isn't complicated to understand, why bitcoin doesn't work as medium of exchange.

If the best defense of bitcoin is... "Tu Quoque lira!" ...then bitcoin is admitted failure.

Some topics have this peculiar dynamic. Me: bitcoin doesn't work as medium Half the bitcoiners: Keith is wrong because it does work! Other half: we agree he's wrong because bitcoin isn't supposed to be a medium!

Drawdown. n. 1 temporary (it's hoped) drop in price, that inflicts permanent loss on those who need to sell. 2 a frequent phenomena in volatile instruments like bitcoin.

That feel when the crowd who yell "learn about bitcoin!" literally don't know about drawdowns.

Money is subject to the Network Effect. Bitcoiners know this, and claim it has a greater network than other crypto. But they disregard the NE of the dollar. Thus don't understand why merchants and producers need dollars.

Pet peeve: waiter brings dish which is *visibly and audibly* sizzling, boiling, etc and says "be careful, it's hot!" Yeah, the oil splattering off it, and the steam vigorously roiling, didn't clue me in...

Merchants who sell flatscreens or farmers who grow wheat shouldnt accept gold. Same reasons that they shouldnt accept bitcoin. 1 price volatility--they could have a shortfall paying vendors / creditors (though gold is far less volatile) 2 the loss from the bid-ask spread

Bitcoiners correctly point out the dollar is slowly losing value. Yes, but does not wipe out merchants.

With economic stats you have to understand the precise measurement methodology, or else you could conclude wet streets cause rain.

Adam Taggart Every new technology since the time of Ludd has created new job opportunities. Why is this time different?

Derek Tinnin Adam Taggart One of the many problems with defining economics in terms of "scarcity". The human desire to consume is unlimited. So long as govt does not keep them apart, those who want to consume will do business with those who want to produce the consumer goods.

Has the Internet moved on from expert analysis of Middle Eastern politics and interest rate policy to ... *picks random topic* Ethics of CEO having affair with HR Director?

This has been possible in the US since 1975.

The EU will hit its own citizens. That's how tariffs work. Like a partial blockade. Driving prices up, and impoverishing the people. Which will be called inflation, and people will demand the ECB hike the cost of financing domestic capacity. Perversity all around!

Exciting that silver has gone up so much... Now, you can trade it for 8% more dollars than a few days ago. There is no way to profit from having precious metals except (1) selling (2) putting them to work with Monetary Metals. Silver lease paying 3% is now open.

Because the voters know which politicians know which workers "we" need--better than the companies who would hire them. For example "we" "know" that we need lots and lots of solar and wind power guys and no dishwashers. #SocializedDecisionMaking

Ozzy R.I.P.

Corey A. DeAngelis, school choice evangelist Who pays for that $19,999?