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Where Does Inflation Come From? 

By: Justice Clark Litle

Dec 29, 2020 | Educational

Editor’s Note: When we explained the concept of money earlier this year, we immediately received a thoughtful follow-up question on inflation. That inquiry led to the next “best of” piece in our lookback series, “Where does inflation come from?” The short answer is that inflation is an emergent property, born of a complex adaptive system. For the longer answer, read…

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Money is a Social Protocol, Built on a Network, Enabled by Technology

By: Justice Clark Litle

Dec 28, 2020 | Educational

Editor’s Note: What is money exactly? In today’s “best of review,” we answer that question by explaining that money is a social protocol, built on a network, and enabled by technology. Ah, but what does that mean? Read on and we’ll explain, hopefully giving you a clearer sense of what the abstract notion of “money” really means. –JCL Money is…

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Bitcoin Doesn’t Need Aircraft Carriers

By: Justice Clark Litle

Dec 24, 2020 | Educational

Editor’s Note: In today’s “best of” lookback, we revisit why Bitcoin, as a digital store of value, has no need for aircraft carriers. Up until 10 years ago or so, sovereign currencies were associated with governments that had assets to protect and borders to defend. Store-of-value assets like gold, meanwhile, had to be locked in physical vaults, or even protected…

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More on Short-Duration Tangible Assets and the 2021 Outlook

By: Justice Clark Litle

Dec 18, 2020 | Educational

What are some solid ways to make a lot of money in 2021? Where will the major trading and investing gains be made? What will the themes be that potentially drive large profits? In answering these questions, a phrase to remember could be “short-duration tangible assets.” We’ll explain what that means in a moment. First, to quickly look back on…

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The Stars Are Aligning for Inflation’s Grand Return — and Bitcoin’s Dominance as an Inflation Hedge

By: Justice Clark Litle

Dec 17, 2020 | Educational

The stars are aligning for the return of inflation in 2021. Not fake inflation either, but the real stuff. Inflation’s return could thus fuel a migration into tangible, short-duration assets, which would be a major shift from the dominant market configuration of the past few years. Before we get into what that means (which may actually require a follow-up piece),…

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Bitcoin is a Natural Digital Monopoly

By: Justice Clark Litle

Dec 16, 2020 | Educational

Bitcoin is a natural digital monopoly. It doesn’t have real competition. Some people wrongly assume that it does, but it doesn’t. There is nothing else that does what Bitcoin does, in the same way it does it. The use case Bitcoin fulfills is incredibly valuable and important — and there is no other asset with the same profile. At the…

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The Tech IPO Mania of 2020 Has Matched if Not Exceeded 1999-2000

By: Justice Clark Litle

Dec 14, 2020 | Educational

On their Vitalogy album, the 1990s megaband Pearl Jam has a track titled “This is Not For You.” It would make a good theme song for initial public offerings (IPOs), as in: When you see a hot initial public offering and feel tempted to buy it, remember: “This is not for you.” Hot tech IPOs are liquidity events for the…

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The Dollar Smile Puts Investors in a Happy Place

By: Justice Clark Litle

Dec 08, 2020 | Educational

As a general rule, the U.S. dollar is strong under two conditions. If the dollar is strong, either the economic outlook is exceptional for the United States alone, or the outlook is bad — possibly crisis-level bad — for the rest of the world (and potentially for the United States, too). These conditional extremes — where the dollar is strong…

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Revisiting the Great British Bicycle Bubble of 1896

By: Justice Clark Litle

Dec 04, 2020 | Educational

In 1890s Britain, the bicycle represented a social and environmental breakthrough. Public enthusiasm for bicycles — and for the shares of publicly traded bicycle manufacturers — then fueled the Great British Bicycle Bubble of 1896. The bubble inflated quickly, with share prices in British bicycle companies tripling in the space of months in 1896, even as the number of bicycle…

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Privacy Concerns are Not an Existential Threat to Bitcoin

By: Justice Clark Litle

Nov 30, 2020 | Educational

On Nov. 24 we asked, “When will Bitcoin have a meaningful correction?” The very next day, a concerning piece of news triggered a correction-worthy sell-off into the Thanksgiving holiday (crypto markets never close). But the Bitcoin correction then self-corrected, almost wholly reversing over the weekend that followed. At the worst point of the correction — or perhaps call it a…

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