In the last installment of this series, part 2, we looked at the Bitcoin value theory advanced by Detlev Schlichter. His theory holds that Bitcoin, or any other modern currency, does not need to posses a direct-use value in order to become a currency. The fact that other currencies already exist absolves Bitcoin from having to undergo the full transitory process of going from being a regular ... Any proper analysis has to distinguish clearly between the following layers of the Bitcoin phenomenon: 1) the concept itself, that is, the idea of a hard crypto-currency (digital currency) with no issuing authority behind it, 2) the core technology behind Bitcoin, in particular its specific algorithm and the ‘mining process’ by which bitcoins get created and by which the system is ... Detlev S. Schlichter’s Paper Money Collapse is a dispassionate, objective look at why fiat money always goes to zero, every time, throughout all history, no exceptions, and what would happen in an environment with a deflationary currency instead: A monetary system with a money commodity of essentially fixed supply will experience secular deflation. A growing economy, with an entirely ... Even the Bitcoin protocol, the constitution of the system, will eventually be subverted. Every component of the Bitcoin value proposition will be destroyed. For bitcoin users and investors, there will be no reason to stay with the system. Plus the large mining pools, or at least one of them, are already a major threat to the system and the ... This thinker is Detlev Schlichter, and he uses the history of paper money to support this argument. In this article, we will explore Schlichter’s argument and determine whether or not it adequately explains the origin of Bitcoin value. The Origin of Money By World Imaging [CC BY-SA 3.0], via Wikimedia Commons
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