It's littered with idiosyncratic phrases and simply incorrect definitions. For example:
> Second, all financial instruments have a fair value that is defined as the discount value of future streams of monetary payments.
There's a grain of truth in there. Let's give the correct definition from Wikipedia:
> In finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values (PVs)—the sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question.
In other words, it's nothing to do with "financial instruments"; it's how you value any asset. And it's not the "fair value" it's just one of many ways of valuing things. And it's not "the discount value" (as if there were only one), nor is it just "monetary payments"; rather it's all cash flows, in every direction, each one discounted appropriately.
And so on, and so forth. The author makes a big point of arguing that they aren't financial instruments so much as they are real assets. There's some truth to this; if I own a bitcoin nobody is obligated to give me anything in exchange; it doesn't exist as a liability on anyone's balance sheet. And? The same is true of a gold ingot. Or, largely, or a share of Apple stock; nobody is obligated to give you anything for that share. By the same logic, the "fair" value of gold (or Apple stock) is zero. Hell, the same logic would indicate the fair value of a Euro is zero. After all, nobody is actually obligated to give me anything for a Euro. I don't live in the EU, I have no EU debts, and no stores around here accept Euros. It's worthless! Except, you know, for the part where there's a large, liquid market where I can trade Euros for my local currency.
> Now what is the fair value of a bitcoin? It does not provide any income (Y = 0), it has no maturity given that it is not a financial instrument. For the sake of argument, we might assume that their maturity is infinite because we are stuck with them forever once they are created.
Taken literally, this means that you cannot sell a bitcoin. I would suggest that this is not true. You can actually sell bitcoins. People do this every day! In which case we plug in the expected value of the future sale in his fancy equation, discount it appropriately to account for the time value of money and the uncertainty of how much I'll get when I sell it, and find that...
...bitcoins aren't worthless. Huh, who knew?