Mental Supermodels

15. Bitcoin of the Lambs

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Using a Mental Modeling approach borrowed from Hannibal Lecter of Silence of the Lambs, Jeremy and Myron discuss Bitcoin.

4-level model of Bitcoin:

  • Essence
    • Protocol
    • Function
      • Ledger
      • Characteristics
        • Cryptographically secure
          • Fixed supply
            • Decentralized
              • Intangible
                • Something you know, not something you have
                  • Novel
                  • Role
                    • Bitcoin is money
                      • Characteristics of a Money Commodity
                        • Scarce
                          • Fungible
                            • Divisible
                              • Portable
                                • Transferrable
                                  • Functions of Money
                                    • Store of value
                                      • Medium of Exchange
                                        • Unit of account
                                          • What about the Regression Theorem?
                                            • Bitcoin had subjective value to early adopters because of its novelty and its recognizable monetary potential
                                              • The theory and historical understanding of money was well established – we didn’t need a slow evolution from commodity to money. It was very fast because it was obvious to some people.
                                                • ...more
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                                                Mental SupermodelsBy Jeremy Thomas and Myron Weber
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