Hi Skot,

You and I think very similarly. I also wonder about the issue that you raise. I am not aware of any research or thought pieces that consider your question.

Separately, for what it is worth, you may appreciate a piece I authored nearly five years ago about the criteria necessary for an asset based currency that, in retrospect, certainly applies to blockchain currencies, too. https://blogs.stage.cfainstitute.org/investor/2013/02/12/reframing-the-… With the meteoric rise of blockchain currencies I would like to add a third criterion. Namely, that the price volatility of the currency needs to be low. This disqualifies most of the blockchain currencies at the moment. Hard to denominate the price of something in a currency whose value fluctuates more than the value of the goods and services that it itself is meant to price.

Big smiles,

Jason