Ok, I see your definition of currency then. That seems to be a very limited measure of value though. For example, you can't use t-bills or bearer bonds to buy groceries, but those aren't valueless.
Incidentally I agree bitcoin is never going to be M1 for the reasons you outlined, but that's not an argument against blockchain based currency in general (which you seem to be angling for).
That kind of hysteria is once in a lifetime. People aren't going to fall for it twice. Even if the whales pump the price to 1 million.
This is the third major spike I've personally seen. First was in 2014 when it peaked at almost $1,000 from barely $100 per coin in the space of a few weeks. Second was in 2016 when it almost hit $20,000. This one hit $30,000.
Unless the average lifetime has shrunk to four years this kind of hysteria is clearly more than once in a lifetime.
T Bill's and bonds are not currency, they are investments and they are very stable the way investments need to be.
Price spikes are not hysteria per se. There is no regulation so the price can be manipulated. That does not constitute hysteria. The hysteria is when people throw their money at stocks because they make some claim about exploring block chain. It's when billion dollar investment companies all decide to diversify into bitcoin at the same time and create a frenzy. That only happened once. And now it's over. And when it happened that was bitcoins chance to become adopted and it failed.
Bitcoin is useless because it can't be used as a currency
T Bill's and bonds are not currency, they are investments and they are very stable the way investments need to be.
Your original claim was that bitcoin is useless because it's not a currency. If t-bills and bonds are useful despite not being currency then have you abandoned this position?
Anyhow, they're stable if you believe the US federal government is stable. Given everything that's been going on that's far from a sure thing.
Price spikes are not hysteria per se. There is no regulation so the price can be manipulated.
Coversely, state regulated assets can be manipulated too... by the state.
The hysteria is when people throw their money at stocks because they make some claim about exploring block chain. It's when billion dollar investment companies all decide to diversify into bitcoin at the same time and create a frenzy.
Sure. Bubbles happen. That's life. They're not unique to crypto.
And when it happened that was bitcoins chance to become adopted and it failed.
Ah yes. Like how the .com crash meant the end of internet businesses forever.
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