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“Bitcoin definitely has real-world, positive productivity impacts, everywhere from consumer sovereignty to electricity-grid operation to no-chargebacks to removing credit card fees and international bank transfers.”
 

 “If a central banker believes that bitcoin is bad because its appreciation redistributes from those who don’t yet own it to those who do — without somehow productively enriching the rest of us — the fiat monetary system already does that on a trillion-dollar basis.

Example: the dysfunctional housing markets in most Western countries.” 

 “housing does not — to quote a sentence from Bindseil and Schaaf on bitcoin — “increase the productive potential of the economy, the consequences of the assumed continued increase in value are essentially redistributive.”” 

 “What Bindseil and Schaaf fail to include in their analysis is that the status quo isn’t value neutral nor, by any stretch of the imagination, ideal.”