Veblen goods are goods for which the quantity demanded -increases- as the price increases.

A common argument I see against stock to flow is that it doesn't factor in demand, but I believe that because Bitcoin is money there is always demand for money and in fact, a greater demand as the price increases (contrary to normal demand curves where demand decreases as price increases). What is truly mind-blowing about this is that if the cointegration of the stock to flow model holds, then the following is also true:

All other factors that we think influence price are really just noise – all China FUD, exchange hacks, Bitcoin sentiment and google search trends, noobs mistakenly buying BCash and shitcoins, people not realising they can buy fractions of Bitcoin etc.

I repeat – EVERYTHING else is noise, only the scarcity of Bitcoin matters in terms of its price and value.

This knowledge is quite freeing imo.