Using a Mental Modeling approach borrowed from Hannibal Lecter of Silence of the Lambs, Jeremy and Myron discuss Bitcoin.
4-level model of Bitcoin:
- Essence
- Function
- Characteristics
- Intangible
- Something you know, not something you have
- Role
- Characteristics of a Money Commodity
- What about the Regression Theorem?
- Bitcoin had subjective value to early adopters because of its novelty and its recognizable monetary potential
- The theory and historical understanding of money was well established – we didn’t need a slow evolution from commodity to money. It was very fast because it was obvious to some people.