The value of bitcoins is not entirely clear ... but it is worth some thoughtful analysis. The
old fashioned paper money used to be backed with some valuable metal, and money was both a store of value
and a medium of exchange. Now, more than anything, money is a component of a monetary system that
has the ability to create money or liquidity as fast as a printing press will work, or better at
the speed of light (electrons). This is a powerful tool ... that has the potential to overtake and
crush the world's real economy. The chaos in the capital markets since 2007 reflects ... in part ...
the ability to create credit without producing the underlying value.