PSLV - Bitcoin Myths
Keith gave a keynote address - the only speaker with an hour to cover his topic - at the Gold and Alternative Investments Conference in Sydney on Saturday. Said topic was the nature of money.
"Money is a matter of functions four: a medium, a measure, a standard, a store."
Most of the talk was structured around discussing these functions. Medium is pretty obvious: the dollar is the universal medium of exchange. It is basically frictionless, trading at zero spread (with perhaps a fee to wire dollars internationally). Bitcoin claims to be a medium, but