Bitcoin isn't tulips, because tulips can decorate your property. Bitcoins are absolutely devoid of any value, thus with the limit being zero on the Bitcoin equ

Bitcoin isn't tulips, because tulips can decorate your property. Bitcoins are absolutely devoid of any value, thus with the limit being zero on the Bitcoin equation, the ultimate market cap for all Bitcoins will be zero. Money for the past 10,000 years has just been commodities. Commodities with a useful value. The commodities which became money were ones which made good currencies. They were portable, uniform, durable and divisible. Gold is a commodity which fits these attributes. Eventually people began trading promissory notes redeemable for gold. This was the situation until 1971. Then Nixon closed the exchange window and said the Treasury Department was not exchanging the dollars for the 8000 tons of gold it stores in Fort Knox and elsewhere. Almost nothing happened to the dollar in the days after - the dollar price of bread and the like stayed stable. Did some great transformation happen? No. If the market had paniced, the gold window would have been opened again. No magic spell was cast in 1971. The 8000 tons of gold in Fort Knox etc. still back the dollar implicitly. If not - why does the government spend so much money guarding Fort Knox etc.? Why is it hoarding all this gold, if it does not back the dollar? Bitcoin does not have 8000 tons of gold implicitly backing it. It has nothing backing it. There is a little question mark that exists. Obviously Fort Knox's gold backs the dollar implicitly. But for some politicians and such, it is beneficial if they wave their hands and say some magic spell has made the dollar valuable without that gold. As if they had a magic printing press that could just run off sheets of hundred dollar bills 24/7 that had value. This is not the case, and is untrue, but creates a question mark from this little fib. This question mark is where Bitcoin draws its suckers in. If the government has a magic hundred dollar bill machine, maybe they can make one as well. The problem is the government has no such machine, they just have some politicians and such who claim they do. What the government does have, among other things, is 8000 tons of gold which it would exchange for dollars in 1971, and could easily do again. Bitcoin has no such backing. In fact, we don't even know who started Bitcoin. At least with Charles Ponzi's international reply coupons, you knew the name of who was behind the scam. With Bitcoin, the scammers are anonymous. I just read a Times article about the probable insolvency of Bitfinex, the umpteenth Bitcoin company with such problems. Charlie Munger says Bitcoins are rat poison, and he has surely seen many such scams in his 93 years. Also, reading this blog post with its railing against the government and the establishment reminds me of the pitches for some MLM scams I have been dragged to. When someone tells you they're giving a run for its money the "government's fiat monopoly on money", watch your wallet.