摘要：Drawing on some some early literature in economics we develop a framework that assists the consideration of Bitcoinas a novel economic good. We highlight an essential tension between scarcity and concentration as having anoverarching impact on Bitcoin's value. In conjunction with the structural features of its blockchain and consensusprotocol, as instantiated by the mechanism of its code, the role of provisioning for future demand and productionplaces a keener emphasis on the role of inventory management. This creates an interesting dynamic in Bitcoin betweenits structurally regulated supply and organic reservation demand for bitcoins by miners on the one hand and its broadermarket demand on the other. Understanding the features of this dynamic as a foundation for Bitcoin gives us somesimple insights on its price path.
