Suppose that someone invented a crypto postal service. Or is short a crypto-post. Its purpose is to transfer envelopes and packages quickly, safely, and decentrally. However, there is a catch. The envelopes and packages are empty. They contain nothing. From the outside, the crypto-post would look similar to a traditional post. Because obviously, a traditional post transfers envelopes and packages. And that crypto-post also transfers envelopes and packages. But in reality, it would be the dumbest thing ever invented because it transfers envelopes and packages that contain nothing.

The so-called crypto-currencies, such as Bitcoin, are exactly like our hypothetical crypto-post. From the outside, Bitcoin looks similar to traditional currencies. It is a system that has units which are transferred between people. If you have a bank account, what you have is some name such as USD, and a number that represents the quantity of units in the US banking system. If you have a Bitcoin account you also have a name - BTC and a number that represents the quantity of units in the Bitcoin system. But the catch is that the units in the Bitcoin system are empty. They are just like envelopes and packages in our crypto-post. They contain nothing. They are units of ownership in nothing.

On the other hand, units of traditional currencies are units of ownership in debt. That means that they are not empty. They contain value. Namely, these units are created as loans of commercial banks to individuals and companies or as purchases of government bonds by central banks. So if you hold for example dollars you own units of someone's debt. Practically that means that you own something needed by millions and millions of people for paying off debt that they owe to the banking system. You own something that can save people from liens that banks have on their property. If your neighbor has a dollar loan with a mortgage on his house, while you have dollars you have something very valuable to them. Something that can be used to pay off their mortgage. In other words, you have units that contain value.

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. They are indeed like envelopes and packages in our hypothetical crypto-post. Spending energy on maintaining the system where people transfer empty units, envelopes or packages is dumb. Spending money just to hold those empty units, envelopes or packages is dumb. In short, Bitcoin is the dumbest thing ever invented.