For stocks, houses, and other investments, access control to ensure rarity is implemented by picking who wins or loses. The Bitcoin Game The bitcoin game isn’t utopianly egalitarian or perfect either, but it’s of a different sort. There is no reason why today’s Nakamotos can’t just copy him if the bureaucrats get more and more greedy with their enforcement of access control. There is access control here too, though of a different sort. The House Card Unlike bitcoin and stocks, a house is necessary.
A significant rise in bitcoin purchases at Square’s Cash App, which targets millennials, is making some wonder if there’s a generational trend and just what that might mean at a systemic level.
The latest figures from Square show bitcoin purchases grew in the third quarter from $42 million last year, to nearly $150 million for this year.
Within a nine month period in 2018, $114 million worth of bitcoin were sold. The equivalent from 2019 is nearly $340 million.
“First-time bitcoin buyers have approximately doubled,” Square said. Further telling its investors, which saw a 6% rise in Square shares, that the revenue in the third quarter for all stock purchases was $159 million from the Cash App.
In other words, almost as much money was spent on bitcoin as on the stock market by what is presumed to be a mainly millennial demographic as that...
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