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Sometimes you come across communities that look, from the outside, like a Disney theme park. You enter the gates and you're in a different reality. Everyday wor
by mediaman 6y ago
Sometimes you come across communities that look, from the outside, like a Disney theme park. You enter the gates and you're in a different reality. Everyday words have different meanings, and there are stories built up about their definitions, completely divorced from whatever happens in the outside world. Paid actors learn to complete this comprehensive alternate reality. But as you exit the gates, reality returns, and words reclaim their conventional meaning.
It's like that with Bitcoin fanatics.
"Money" and "currency" do have definitions built up over time by economists and financiers over the past centuries. They are not the same as is used, apparently, in the Bitcoin-Disney fantasy park.
Conventionally - and by conventionally, I mean as it is used by all economists and financiers for centuries - currency is a subset of money. A currency is the dollar, the Euro, the yuan. It doesn't have to be fiat, but today usually is. Money is any type of highly liquid asset typically used for the payment of debts, which includes currencies but can include short term bank notes as well. Although there have been times in history where gold was used as money, it is generally not used as money now, although like most assets it can be converted into money. Bitcoin can be money too, but it's a crappy money, for the reasons I described above. Generally, economists don't spend a lot of time splitting hairs about money and currency, because they're very similar concepts.
"Money" is not a synonym for "store of value." You will not find that in any economic textbook, or even Wikipedia for that matter.
Even if you wanted to use the fantasy park definition of money as anything with a store of value, you chose not to even defend Bitcoin as a store of value. Possibly because it's a terrible store of value.
Again: this is just Bitcoin. Crypto can be designed better. The fact that Bitcoin fanatics obsess over Bitcoin in particular is just proof that they're talking their book.