... you're not actually refuting anything Hal talked about, all you are doing is stating he is wrong, on a specific point that's been pulled out of context from a different argument, without backing up that claim.
... and he's actually not that far off for a rough order-of-magnitude estimate, the total float of all the monetary goods in the world, includes fiat M0-M3, gold/silver acting as money-equivalent, real-estate, bonds and other financial assets that are presently being 'monetised', used as stores-of-value, (since fiat money is being inflated) would be quite close to the total worldwide household wealth ... this is the addressable market for a liquid global reserve money
I already gave my argument. I think it is a non sequitur that the value of money should equal the total amount of wealth in the world. I tried making an analogy with the measuring in thumbs thing (it might not be the most elegant of analogies), see below:
It is not because something is being expressed in a unit, that that unit needs to expand to whatever is being measured. For example, let's say I measure the length of my furniture by comparing to the length of my thumb. Why would there then need to be as many of my thumbs as there is furniture in the world? If that sounds strange or weird, that is because it is weird and nonsensical.
Money is just an asset class on its own, which takes up a certain portion of total wealth in the world.
I don't how else I can or should make my argument.
What is your point? Do you think the value of money should equal the total amount of wealth in the world? Why?
No, it wasn't a horrible estimate. I would guess it is probably off by 1 order of magnitude. Yes I suspect bitcoin will absorb a lot of the value in gold, fiat, bonds, and to a much lesser degree housing and stocks. But I don't see why it would need to be as large as all real-estate, companies, bonds etc. put together.
I will try to leave it at that. I know I have a tendency to become a bit pedantic and argumentative, and I don't want to hijack the thread.