arbawk

It means my money (in Bitcoin) can be accepted anywhere that can receive data, and preserved without information loss over time. Gold cannot be transmitted over space as information, fiat does not preserve its share of value over time because of inflation/debasement.

I can leave my country tomorrow with my wealth stored as a 12 word phrase in my head and exchange it into local currency in practically any country in the world. That among many other incredible properties give Bitcoin significant advantages over any other money. You can programmatically transfer real wealth - not credit - with Bitcoin. Look the Lightning Network to see how money can be streamed each second, with finality. There are many reasons Bitcoin as a base layer, instead of fiat, will reward its network participants.

Its stock-to-flow ratio is the highest among metals, it is also divisible (although not easily), durable, portable, etc. which all make it desirable. However it's worse in most of these categories when compared to Bitcoin.

Scarcity is a desirable property of money unless you like the Cantillon Effect. https://en.wikipedia.org/wiki/Richard_Cantillon#Monetary_the...

Early monies like shells were often abandoned when a new supply was found as it allowed for precisely this re-allocation of wealth before re-pricing occurred.

If you'd like to see where money was dumped into the economy endlessly, you can look at Weimar Germany and the value of its currency thereafter. https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_R...

It seems like you haven't read anything on the matter and are simply forming a superficial, clueless opinion.

Here are some references for you to actually know what you're talking about: https://laurentbenichou.medium.com/bitcoin-a-gift-to-environ... https://twitter.com/yassineARK/status/1360343382556483587?s=... https://davidveksler.medium.com/will-bitcoin-burn-the-planet... https://www.seetee.io/static/shareholder_letter-6ae7e85717c2...

And here's a video giving a small glimpse of the humanitarian possibilities Bitcoin enables: https://twitter.com/gladstein/status/1357757736394444800?s=2...

Its net effect has been tremendously positive. Maybe you'll have time to read these articles and realize that before the next astonishing bull run.

The most commonly accepted definition of money is: (1) Store of value. (2) Medium of Exchange. (3) Unit of account. This is specified in the article.

You can transact Bitcoin on the Lightning Network for near-0 cost. Scarcity is arguably the most desirable property of money since it ensures the store of value property. That's why gold was chosen over other precious metals. Bitcoin is a significant upgrade to the dollar.

Try sending $1B from the U.S. to Europe and compare transaction time and costs vs. BTC.

How would you define "intrinsic value"? This would imply that things have value whether or not humans agree they have value. Money itself should not have any value from utility other than being money.

> It doesn’t seem to have a path towards becoming a global medium of exchange

Money is layered. The Fedwire is not a global medium of exchange, nor was gold. But as the base layer that scales with solutions like the Lightning Network and others, Bitcoin has the obscene advantage of being digital, decentralized, and salable across space and time.

All value is inherently speculative - you likely speculate that your fiat savings won't inflate away rapidly. What is being speculated upon is that Bitcoin is an improvement upon the monetary system.

Money is defined as (1) a store of value, (2) a medium of exchange, and (3) a unit of account.

Bitcoin is still in its infancy phase tackling problem (1). (2) Will come once enough people value it to accept it as money, which hasn't happened yet. (3) is further still.

You claim we should buy goods and services because otherwise our hard-spent time will disappear.

I claim this is not the natural order of things, only what inflationists want you to believe to justify what is a unilateral tax and re-distribution of wealth (similar to the dilution that occurs in fund-raising). In a free market, we should buy these things because we need them and want them enough to exchange our hard-earned money for them, not because of the fear that our previous work/stored energy is slipping away.

The things you wouldn't buy would be things you wouldn't need. Perhaps we can return to a state where we don't spend money we don't have on status symbols and asset-hoarding. That, plus funding wars, are among the results of putting money supply in government hands. Bitcoin actually provides a way out of this mess.

> BTC is not "infinitely divisible."

If it were to become significantly more valuable, sub-Satoshi denominations will be added.

You should read the Bitcoin Standard or Layered Money to get a sense of what money is and how your notions are quite far from the truth, although delivered with feverish confidence.

BTC is infinitely divisible, and so can be used as currency. Can you give an example where its capped supply would cause an issue?

Bitcoin is backed by proof of work. Money backed by entities are liabilities, which is a bug and not a feature of fiat money. I really suggest thinking about this for a lot longer.

The very first line is flawed as mining companies are increasingly not selling their mined bitcoin. Why would they? They are obviously mining because they are bullish.

In fact, who is selling bitcoin? Only those that don't believe it won't be an upgrade to base-layer money. Those that would call themselves bitcoiners don't want to sell it. I've never heard of a Ponzi where some people just won't sell!

This page is an embarrassing collection of misinformation.

1) Countries economies consist of the individuals within them. In India, where Bitcoin is banned, its exchange rate has since increased. Same in Pakistan. Hyperinflation occurs frequently despite a governments' best efforts. The market is the master and the government is only an actor.

2) This is probably the best piece on that point: https://quillette.com/2021/02/21/can-governments-stop-bitcoi.... The summary is that unlike another country's currency, Bitcoin is significantly harder to attack.

3) Economic sanctions can still exist. You still have to pay your taxes even though many avoid them. What sanctions are you referring to specifically?

4) Look into the Lightning Network to see one among various ways Bitcoin is scaling outside of exchanges. It will continue to develop in interesting ways. In the meantime, governments that enable what a growing number of people want will be rewarded while those that attempt to ban it will suffer. The incentives to do so are not in their favor (also argued in the article above).

Actually it's pretty important for many: https://www.youtube.com/watch?v=xLYYh4aPXAM

It's being widely adopted in countries with inflating currencies: Nigeria, Vietnma, and Argentina made it to #3 today (this link is slightly old). https://www.statista.com/chart/18345/crypto-currency-adoptio...

Now do the gold mining industry, and then how USD is backed by armies. And then you can research Lightning Network on top of Bitcoin and how it can process an unlimited number of transactions.

You didn't read the article, did you?

Ponzi schemes will always have people at the pinnacle of the period looking to sell.

Bitcoin supporters will never sell, thus there is no bottoming out. It's actually just money, you're likely missing something.

Bitcoin is the most durable money we've had, it can never be disposed of. Lost, perhaps.

Energy consumption != energy production. Bitcoin is incentivizing reusable energy and moving energy to cheaper locations, further from cities. I suggest you look into how it's actually quite positive for the Earth.

Not sure I understand what you're getting at.