Please help me understand/explain to an economist friend of mine...
He argues that Bitcoins have no chance in global success because a this system be used to create credit.
Bitcoins cannot be used to leverage. --> You cannot use Bitcoins to create credit. ---> It can't replace existing credit already created by the current system.
For Bitcoins to be successful, it has to be able to replace the existing debt!
Please help me:
Where is he right/wrong?
Just tell him bitcoin is as much a commodity as a currency then tell him to learn about 'Austrian' economics.