<oembed><type>rich</type><version>1.0</version><title>a source familiar with the matter wrote</title><author_name>a source familiar with the matter (npub17k…mhcd0)</author_name><author_url>https://yabu.me/npub17k64766yhzvhk2mws356dftl35lnkthjwq34gdz9cs8va3y9aejqwmhcd0</author_url><provider_name>njump</provider_name><provider_url>https://yabu.me</provider_url><html>&#34;Most forms of money rely on physical objects to represent entries on the ledger&#34;&#xA;&#xA;You have it backwards. A ledger has value because it represents something real.&#xA;&#xA;If Bitcoin is a ledger, it is useful but not scarce. I can duplicate the whole ledger many times over.&#xA;&#xA;If Bitcoin is a ledger entry, it is scarce but not useful.&#xA;&#xA;In either case the only appropriate market value is zero.</html></oembed>