I’ve had some productive discussions with Noah Smith about Bitcoin volatility and the roles of money, to the point where we now seem to mostly agree. But it’s hard to leave it there, so at the risk of eroding some of the gains in agreement, let me press Noah on whether volatility is really so important for adoption as a medium of exchange. I’m not convinced, and to bolster my argument, I will cite something Noah knows a lot more about than I do: