Quote from: tadamichi on Today at 10:52:40 AM

Quote from: Snowshow on Today at 06:29:48 AM

You refuted nothing. You just said that my definition wouldn't be accepted.

Because it wouldn’t be.

Quote

no intrinsic value exists to be consumed in order for people to satisfy their needs.

Because money is not an economic resource and not supposed to be an productive asset. Your gold that gets used on computers or as jewellery becomes useless as money. Gold holders will never convert their gold into anything different, they will even make sure no bare hand touches their bar or coin, because it hurts the fungibility of it. You can’t just use it for various things and then sell it as before, this is a myth beginners don’t get.

Quote

The very reason gold is traded is because of its unique characteristics that are able to satisfy various human needs.

But there’s different reasons for it, someone who buys gold bars or coins doesn’t think about, if it satisfies different needs they won’t be using it for. They will use a similar evaluation model that i outlined above, its completely different from jewellery buyers or makers. Gold isn’t valuable, because it’s used for different things. Different things use gold, because it’s valuable.

Quote

There's one problem with all this. There's no economic resource in the bitcoin system, so there's nothing to confiscate, counterfeit or put in trust. Meaning, people are just transferring the info on how many units in the scheme with zero economic resources they have. This is like having a losing lottery ticket, have 21 million ownership stakes in that ticket and all that people do is transferring and storing the info about how many stakes someone has or has had. There's nothing to confiscate, counterfeit or put in trust here, given that the ticket is a losing one and grants access to nothing. So, why would you spend time and energy on transferring and storing info on these stakes? It's a complete nonsense. That's the essence of the whole bitcoin system. It's the dumbest thing ever created. People are spending enormous amounts of energy only to store and transfer the info on how many stakes in nothing they have or had.

I think you’re almost there to understand Bitcoin, if you can start to separate between money and economic resources. In economics a clear distinction between the two is made, and money is explicitly excluded to be counted as an economic resource. If you get this concept we’re there and it will make sense to you.

Money is what allows the trade of economic resources without doing barter(more efficient). It is not an economic resource itself and it’s not its job to become a product, it should just allow us to trade more efficiently. Some forms of money can be used as an productive asset, but then loose their purpose in return(it’s not money anymore then, or becomes a worse form of money).

Bitcoin is just the purest form of money there is at the moment, and so it might seem weird that it can’t be used for anything else, but exactly this is what money is supposed to be. It’s cool that gold can be used for many things, but it hurts its monetary properties when used for something else.

You're using semantics to try find justification for bitcoin ponzi. Yes, money is not an economic resource but a word that we use to describe the concept that some economic resources have specific characteristics, such as fungibility. Than we say that an economic resource is money. So if there's no economic resources, you cannot use the word money. Except if you want to scam people. Which is exactly what happens here. A unit in a scheme that has no economic resources is called money, or specifically, "revolutionary new money", in order to scam people out of their resources. Hence, a classical scam dressed up in a new uniform.