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It also doesn't really fit the definition of money, certainly not good money, it's a speculative asset or at best a transaction intermediate. Almost nothing is priced in Bitcoin, it's priced in dollars and converted to a Bitcoin quantity at the time a transaction is to proceed due to extreme volatility. There's no closed-loop economy where pricing is so specified - even in El Salvador - because you then have to sell it to pay your suppliers and your taxes. You don't sell money, if that makes sense. Using the fact you can sell it for minimal slippage, you could call Apple shares money, but they're not. They're shares. Nothing is priced in Apple shares. The attributes of money are: durability, portability, divisibility, uniformity, limited supply, and acceptability. Bitcoin is not accepted basically anywhere (the overwhelming majority of places that claim to, use a service like BitPay that immediately sells it and gives the merchant actual money). It's also not uniform, because each sat carries with it the entire transaction history. It's also not particularly portable because its global transaction count is limited to 7tps and it costs an unbelievable quantity to do so from time to time. It's also not durable because everyone keeps losing their wallets and the lost bitcoin is effectively destroyed. All it has is limited supply and divisibility -- and portability, depending how compelling you find my argument against -- but you really do have to get all 6 to win. Coinbase attorneys regularly compare crypto to Beanie Babies. > "It is akin to the sale of a parcel of land, the value of which may fluctuate after the sale. Or a condo in anew development. Or an American Girl Doll, or a Beanie Baby, or a baseball card," Coinbase attorneys stated in a motion it filed in August 2023. [1] [1] https://www.usatoday.com/story/money/2024/01/19/crypto-beani... |