Bitcoin addendum: Running out of oxygen; the 'money of the internet' fallacy; and bitcoin futures & systemic risk

I really can't resist a quick addendum to my recent bitcoin post. I thought I had said all that needed to be said. But as Bitcoin's price has escalated to new highs of nearly US$20,000, there has been a commensurate rise in the degree of folly and fuzzy thinking, and I can't seem to keep my thoughts on the matter to myself. I have three additional points/observations to make:

Bursting the Bitcoin Bulls' Bubble

I really hate to do this. There has already been an inordinate wastage of humanity's collective time spilling ink on Bitcoin in recent months - something I contributed to with my first relatively-long post on the topic here (200% ago). But with the digital 'currency' having recently hit US$10,000/coin, I can't resist a follow-up. So permit me a brief indulgence.