Bitcoin, Kakistocracy – Bitcoin has fallen by over 80% three previous times. If its inherent utility is as an alternative currency, then it will remain unsuitable for that purpose so long as holders don’t know whether their current balance will purchase a Porsche or a pineapple. Did you know the IRS has ruled that every bitcoin transaction represents a taxable event? Not just investment entry and exit. Everything. This would be like having to record and report a dollar cost and sales basis every time you bought a hamburger. With failure to do so exposing you to criminal evasion charges. This alone represents the type of intractable friction that destroys a currency use case.