So here we have the same problem as in my previous thread - the responders are ignoring my arguments and talk about completely irrelevant stuff.
Let's repeat the arguments in the simplest form.
A) Why's Bitcoin not money?
Because it is purposeless. Meaning, when bitcoins are bought they can never be used for anything, and whoever holds them must ultimately sold them - dump them on someone else.
Due to the lack of a purpose whose fulfilment would generate a specific amount of benefit, there's no pivot for estimating how many bitcoins to accept for goods or services and is, thus, impossible to perform a rational trade.
B) Why is Bitcoin a pyramid-style scheme?
Because whoever invested purposeful items in it cannot get such items back without new investors.
So, it's not about definitions. It's about reality. In reality Bitcoin is purposeless and existing investors need new investors to get out. Definitions cannot change reality.
Well, as convincing enough as this looks, I definitely will want to agree with you that bitcoin is not money per say, in general terms though, most especially, when we try to look at what the true definition of money is.
But coming back to other vices, Bitcoin is still a medium of exchange and an asset that can be invested in, and i completely disagree that bitcoin is a pyramid style scheme, this argument of yours is completely false
Think about investing in gold, think about investing in shares, think about investing in real estate, think about investing in landed properties, houses, think about investing in precious stones and metals like silver, diamond and the likes. All this I mentioned requires new investors for previous investors to get out in profit, does this make all of them a pyramid scheme? i need a NO or a YES answer from you.
if your answer is NO, then it means bitcoin is not a pyramid scheme, but if your answer is YES, then, indeed, Bitcoin is a pyramid scheme to you and people with the same mindset as you.
Why is it so hard for you people to address the actual argument? If the OP is to complex for you to comprehend, if the summary is to complex, if one sentence is to complex, let me express the argument in a single word:
purpose.
A pyramid scheme means investing purposeful items, and being unable to return such items without new investors. Real estate, precious stones and metals are purposeful so you don't need new investors to get purposeful items back - you already have them.
Money means purposeful item because the fulfilment of a purpose generates a specific amount of benefit that is then compared with the amount of benefit generated by good and services.
Virtual points (bitcoins) that a protocol assigned to an address have no purpose that can be fulfilled. So, if you trade something purposeful for these points, by definition, you need new investors to give you something purposeful - and that's pyramid-style scheme. Also, due to the lack of a purpose there's no pivot for comparing these points with goods and services which is why they are not money.
Can you now start addressing the argument or a single word is to complex as well?
OP, you've just confused yourself into a mess haha.
Just saying the word 'purpose' a lot doesn't make an argument ;p
Referring to other currencies as "money" and then referring to bitcoin as "virtual points" also isn't an argument. Fiat currency in a bank account would also be "virtual points".
You seem to not understand the basic point of money. Money in and of itself isn't a "purposeful item", as you suggest it is. Money is a non-perishable placeholder for goods/services.
The point of money is to hold some value (though the value may go up or down over time due to market/economic forces) so it can at any time be traded with others for goods or services. Whether you use bitcoin or USD or pesos or yen or euros or whatever, it all works the same way. Money is (1) a placeholder for value (2) to trade for good or services. This operates the exact same way no matter what currency you use. It doesn't change based on the specific currency because it has nothing to do with the specific currency. Money is a concept. It always works like this. Bitcoin, like all those other currencies, is an implementation of the concept of money.
Specific implementations of the concept of money (a currency) can be better or worse. Bitcoin happens to be a very good money by design. How good any individual fiat currency is depends on the strength and stability of the nation's economy and government, but over the long term they are pretty weak because their supply is entirely controlled by people rather than by essentially immutable nature (gold) or an immutable protocol (bitcoin).
And the primary way this concept of money works is through acceptance/liquidity. If nobody accepts that a dollar is worth a certain amount of value then it won't work as an implementation of money. Bitcoin has wide stable global acceptance to be worth its value at every second of every day. There are many billions of dollars of volume on crypto exchanges proving this every single day. If it was very hard to trade USD for goods or services or other currencies it wouldn't really be working as a currency, because it wouldn't have any liquidity if you literally can't use it in any way. Same as if you got some bitcoin and it was very difficult to exchange it in any way (no liquidity) it wouldn't really be working as a currency. No liquidity means no desire to accept it. But there are millions of people everyday willing to accept bitcoin in exchange for other currencies or other cryptos, and in some places already in exchange for goods and services.
In your language of "purpose", bitcoin has every bit the purpose as any other currency - it is widely accepted to be a certain value, widely desired by others so it has liquidity, and is a placeholder for value to trade at a later time.
