Hearn: The resolution of the Bitcoin experiment

The dollar works because it's well-stewarded by the Federal Reserve and because the US economy generally is healthy, so people want to buy stuff from it. The US military has nothing to do with it, except to the extent it's protecting the US economy (and it's way overkill for that).

The euro works slightly less well because it's slightly less well-stewarded by the ECB because of intra-EU political drama. Not because the EU has fewer nukes.

The ruble sucks because the Russian economy is unstabe, and maybe also because the RCB sucks but I don't know if that's true. Russia has nukes; they're not helping much.

Bitcoin can work as a currency only if people want to buy things from the "Bitcoin economy" -- if it's easier to use Bitcoins to buy goods and services than the alternative. It doesn't work because it's hilariously inefficient by design -- like, as inefficient as the dollar would be if the raw materials to make a dollar cost $1 -- and because its decentralized nature means its monetary policy is nonexistent and so it's subject to hyperinflation and hyperdeflation at a level that would destroy any real economy based on it.

90% of the current value for Bitcoin is probably tulipmania and 9.9% is probably the underground drug market. The last 0.1% is techno-anarchist-libertarian-Randian whatevers.

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Blah blah blah "you're so wrong Jon..."

Except I'm not. But sure, tell me how wrong I am.
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This condescending demonstration of the Dunning-Kruger effect brought to you by the "N" in "SNR"!