Galileo Galilei once said, All truths are easy to understand once they are discovered; the point is to discover them. Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here:
https://cryptofraud.wordpress.com/The monetary system as it functions today is based on faith, there's nothing backing the Dollar or Euro expect for your faith in a government. Governments can collapse you know? Your argument invalidated your argument. If you're going to say cryptocurrencies aren't currencies nevermind whether it is BTC or altcoins atleast understand the monetary system before you start arguing against them. You think that just because something is tangible it has value? Well why don't I start paying you with toilet paper instead of Fiat currency? Fiat has the intrinsic value of near nothing and is soley based in the assumption or belief that I can get something of value with my worthless papers, alteast with toiletpaper you can wipe your butt and it doesn't sting. Golds value is entirely determined by faith, and if you want to argue that gold is used for electronics and jewelry then I refute your argument by saying the value that is given to gold in that regards is only a few percent and doesn't account for the rest.
Face it, everything is based on belief. If you're going to shit on crypto atleast do it right and give some good arguments. So what is money? It is a tool to communicate value. What does it represent? Well it doesn't actually represent value or we wouldn't use valueless papers. Money represents its author and its culture. The only fraud that is being commited is by the centralized banks that print money as they please and loan money to charge interest for money that doesn't exist.