Although economists are still learning about the demand function for cryptocurrencies, there is a reason why the debate can get heated. The crypto-debate is not really about innovation, technology, finance or money. Instead, it’s about people, networks, and trust. In the age of digital information and social networks, prices hardly match the unit cost of production. Digital products typically require substantial costs in research and development, but marginal costs to service one additional client are often zero. Consequently, the cost of servicing only a few customers is high but as the number of users reaches a ... (full story)