To the value is subjective so it is okay that the unit of value is subjective crowd.
Value is subjective to the individual but objective to mankind.. I can say I dont value water because I am not thirsty, I can never say that mankind doesnt value water.
Further the measure of the subjective nature of value is called price!!!!
And price is measured by currency. And Bitcoin is currency. So what's the problem?
You can't have an objective measure of value that is disconnected from price. It's just not possible. Gold is a joke. Fiat currencies are inherently flawed. The "accounting" profession is a total fraud. What else is there? Nothing. That's why we have Bitcoin.
Like I said, in fifty years, price and value will likely converge in Bitcoin anyways. If you can come up with an "objective" measure of value between now and then, more power to you. Odds are you won't. It's a
hard problem. So just accept that Bitcoin is a currency in the short term, and (hopefully) an objective measure of value in the long term.
You will never get me to believe that you can have a system of measurement without a UNIT of measurement.
Bitcoin
IS the unit of measurement. It seems so unmoored only beause it's trying to measure something that is subjective, the value of products and services. The measurement system still requires the pricing mechanisim that a live trade market provides, and even that is only valid momentarily.
No it isn't. The reason it is so unmoored is because it is not a unit. Units are a constant that are definable. It is unstable in the same way that measurement of length was before an inch was defined.
Price is the representation of the change in subjective value, the currency is supposed to be the constant that it measured against.
So under your definition pretty much every major economy is operating on something that is not a currency. The US dollar doesn't fit your definition. It is a completely silly argument.
'Unit' defined for currencies IS an abstract. You're conflating the constant of the abstract unit with a constant of physical unit. 1 Dollar is 100 cents. Dollar is the unit, cents are fractions of that unit. 1 Bitcoin, it is a unit that can fractionally be used down to .00000001. It is defined.
The value of the unit is not constant under ANY currency system.
In fact, I would argue that bitcoin fits the definition of currency better than the US dollar because it has greater definition. The monetary base in the US is indeterminate in the future, yet the path of bitcoins being introduced to the economy is definite.
I'm pretty sure you're just trolling, but I thought I'd say something just in case someone was taking you seriously.
