RT @WhiteRabbitBTC: Nope, not cool. Craig is now suing @adam3us, one of the OG's of bitcoin and quite possibly the most humble person out there. Adam is one of the few OG's still in the game that every bitcoiner and alt-coiner owes a debt of a gratitude too. Craig + Calvin must be stopped now. https://t.co/qL3UlsJLHN
RT @CalvinAyre: Adam Back back got his letter from Craig today so he will also have a chance to tell his story under oath in a UK court. He must really be happy about this given how loud he has been in the last week on his opinions. :-)
The most significant aspect of bitcoin was the innovation of the blockchain. Beyond that, I don't think bitcoin is going to be the dominant cryptocurrency going into the future. I would expect one that has consumable use value - one that is consistent with the regression theorem - to inevitably replace it.
I think that the invention of the blockchain will seen as a historic game-changing invention. Not because of what it was initially implemented to do, but for how it will be implemented going forward.
I'll write up a post explaining the distinction between use value and consumption value, the two are related but not the same. It is a difference that has only become relevant in the digital age where we can have useful yet non-consumable scarce items.
Because bitcoin is not grounded in consumption I don't expect volatility to be constrained. I am not attacking the plausibility of abstract monies, state fiat is certainly money. But state fiat is grounded in taxation as an end consumable use. I'll expand more on this and do justice to the linked article soon.