Quote from: Medusah on May 30, 2024, 03:25:52 PM

Quote from: JamesNZ on May 30, 2024, 07:05:06 AM

Literally every type of money throughout human history was unit of SOMTHING - cow, tobacco, metal, and, currently, debt.

Correct.

Quote from: JamesNZ on May 30, 2024, 07:05:06 AM

But if I were now to ask you: "unit of what is Bitcoin" what you would do is offer some generic answer like this: "Bitcoin is a coin, a digital asset, a currency, money, resource."

If you asked me "unit of what" is Bitcoin, I would explain that it stands as a unit unto itself, not tied to anything. For those lacking creativity, it might be thought as a number in a database.

Quote from: JamesNZ on May 30, 2024, 07:05:06 AM

I can write down or put in some database the following: "Bob has 10 units of ABC". Then someone asks: what is ABC? As a response I offer the following generic answer: ABC is a digital asset. Then they ask: "What actually is that digital asset? What it can do?

Your ABC number would hold no value, and furthermore, it couldn't have any real worth due to its absence of essential monetary attributes. It lacks durability and a stable monetary policy. You could generate infinite ABC coins by merely altering your spreadsheet. If your ABC number possessed durability and a verifiably fixed supply, it might begin to be regarded as a form of money.

What appears to me, is that you fail to understand that money doesn't necessarily require backing by a physical asset. In ancient times, when tobacco served as currency, its value didn't stem from its tangible real-world worth per se. It was accepted as money because it fulfilled the essential characteristics of currency. Same for gold.

Hahaha. Bravo! Beautiful. You demonstrated exactly what I said. You were unable to explain the units of WHAT is BTC. You proved nicely that BTC is the unit of nothing. And nothing cannot have value. It cannot satisfy anyone's needs. As for the ABC, hiw do you know that the item that Bob has is a coin? How do you know that 10 ABC means 10 coins if you cannot show anything in the quantity of 10? Just as with BTC? You can as well say ABC is an ice cream, a car, a mobile phone, digital item. You can say whatever you want. But if you cannot show something actual you're essentially lying, or talk nonsense and stupidity