Bitcoin IS NOT currency as it fails to circulate goods. Bitcoin IS NOT money. Money requires bearer negotiability. With bearer negotiability, there is no need to prove title.
The blockchain exists to prove title, which is the opposite of bearer negotiability.
Bitcoin is a country of virtual unproductive land. Each private key (what the naive call a bitcoin) is an acre of this unproductive land. In the real world, scarcity creates value only when there is underlying demand for use—agriculture, development, or shelter. Though scarcity of private keys is absolute and capped at 21 million, each acre of this virtual land lacks utility.
Useless scarcity is still useless. There are trillions of one of a things this earth. Nearly all are useless.
In the early days of Bitcoin, greater fools thought they were buying frontier land. Some of them even raised capital to build machines to validate the claims of others, and in exchange for validation work, acquire more acres (private keys) for themselves.
Yet, as the 21 million cap approaches, the territory has been mapped and found to be barren. It is digital space that cannot be farmed, built upon, or utilized. Greater fools have been fleeced of billions in fiat, you know, the stuff you can spend and with which you pay your taxes. There is been only digital fool's gold found in them thar hills.
Only when the supply of private keys were growing exponentially, that is, when new claims on new acres were being made, did the price for each acre grew exponentially. Yet, these days, Bitcoin swindlers are having a hard time offloading existing deeds (private keys, aka bitcoins) to all of these acres that yield nothing. Alas, scarcity of deeds to barren land does not make barren land productive.
The suckering of get-rich-quick greater fools of this scheme of selling deeds to worthless digital land might have ended on 6 October 2025. Face it. Far fewer people today see it as a land of dreams. Price growth has flatlined as supply approaches 21M.
Bitcoin truly is the digital version of John Law's Mississippi Land Swindle. In the early 1700s, the French Government gave to John Law a monopoly to run a bank and trading company to sell all deeds of land in the Mississippi terrority in North America. Law marketed shares in his firm to the people of France telling them stories of endless riches to be had in this new world territory of Mississippi.
Law's "to the moon" rhetoric worked for awhile. A greater fool speculative frenzy ensued. The word millionaire was coined during this time to describe the HODLers of shares.
The bubble burst in 1720 when investors, losing confidence, rushed to cash in their shares and paper bank notes for gold. Both the bank and the trading firm collapsed. Thousands lost everything. Law lost his reputation and died penniless.
The bubble burst in 1720 when investors, losing confidence, rushed to cash in their shares and paper bank notes for gold. Both the bank and the trading firm collapsed. Thousands lost everything. Law lost his reputation and died penniless. 
Gab It
