I largely considered the activity of buying low on the internal exchange and selling high on an external one as irrational, as the barrier to entry cost to trade on the internal exchange is minimal, I (perhaps incorrectly) assumed that no one would buy at the higher external price. (Are there even any valid reasons why they would?)
i left that to last. because although your mindset might be a stable currency for consumer spending of goods and services.. exchange day traders love the opposite. they love price movements.
Ok thanks for the list, some I agree with, some I do not so much.
However your last point is interesting and it captures exactly why Bitcoin will never be a mass market currency....because its a commodity used by traders to increase wealth, and that is not what a currency should be.