[arcticbull]

Ok, it has the title, but its an awful medium of exchange by any objective measures. Giving it the title doesn't suddenly make it fit for purpose. To borrow a turn of phrase, if my Grandmother had wheels she would have been a bike. [1]

Bitcoin being negative sum has nothing to do with its title and everything to do with its intrinsic characteristics. I believe a study showed its PoW model extracts as much welfare from the system as a ~55% rate of inflation.

[1] https://www.youtube.com/watch?v=A-RfHC91Ewc

[pcthrowaway]

I agree about all of the above; it's not a great currency, and it's certainly more volatile than most global currencies, but it is a currency. The idea of nations recognizing bitcoin or something like it as national currency (instead of their own or another country's currency) is monumental.

Personally I'm hoping the shift comes soon for proof of stake currencies with low transaction fees.