Bitcoin is worth $100,000. It still doesn't have a single legitimate use case

Here in the scam economy, we have more proof that capital is ever more disconnected from anything of true value or any of the labor involved in generating it. The rise of crypto currency in the immediate post-election period makes it clear that you absolutely can bribe the market, buy the government, and enrich yourself without consequences. There was never a true laissez-faire economy, but there definitely isn't one now.

The economic conditions we've created post-2008 are: the biggest successes are only available when you make yourself too big to fail and then fail hard. The systems of government and investment will continue to poor money into your venture and, in your failure, you have to do less and less of any true value.

This means you can extract ever more value upward to the very top, confident that--once you hit a certain size--you will never feel any consequences of your actions; those consequences will be felt by everyone else. We live in the moral hazard of the billionaire class. In the scam economy you want the line to go up until finally it creates its own perverse gravity, drawn up forever regardless of what might happen to briefly push it down.

The fundamental value of one bitcoin — the amount of economic value a bitcoin can directly generate — remains zero dollars. But the speculative value of one bitcoin is one hundred thousand dollars, because that’s what the marginal investor has agreed to pay for it.