Some corners of the Bitcoin community challenge the conventional or textbook definition of money. This is not a fringe position, even Bitcoin.org states that Bitcoin is a “new kind of money.” I’m afraid such a challenge is problematic in a way that bitcoiners do not fully understand. I will expand on this below, but the overlooked issue is that when changing the definition of money, its desired properties do not translate to the new definition. Therefore, challenging the conventional definition of money is pointless.
On Bitcoin and the Definition of Money
On Bitcoin and the Definition of Money
On Bitcoin and the Definition of Money
Some corners of the Bitcoin community challenge the conventional or textbook definition of money. This is not a fringe position, even Bitcoin.org states that Bitcoin is a “new kind of money.” I’m afraid such a challenge is problematic in a way that bitcoiners do not fully understand. I will expand on this below, but the overlooked issue is that when changing the definition of money, its desired properties do not translate to the new definition. Therefore, challenging the conventional definition of money is pointless.