lol That dude has no fucking clue what he is talking about just making shit up about non existent “friends”. Any time someone talks shit about Bitcoin I always ask them what money is. None of them have given me a correct answer yet, most of the people who DO answer correctly already agreed about BTC except those who have never learned details about it, once they do they seem to always get real interested real fast. Either way, not exactly on topic here but damned amusing.
Ah yes, you have figured out that if you consider whatever you believe to be the “correct answer” people who give the “correct answer” likely also agree with you about closely related topics.
Except there is a correct answer to the question most people have just never even stopped to consider the question at all. So what is money? What is the inherent value of a dollar bill since that is the complaint anti BTC folks always spout off “it has no inherent value”. So what is the inherent value of a dollar or a euro or any other currency?
Money is anything that someone is willing to exchange for goods and services in a stable and semi-predictable way (i.e. you need to be able to plan ahead at least long enough to know if what you get for your current transaction, e.g. your paycheck, will be able to buy you what you need to buy in transactions in the foreseeable future) and that is easier to store and/or exchange than actual direct bartering (good/service for good/service directly).
By that general definition most crypto currencies are not money because they are too volatile and transactions are too complicated and slow.
But that is asking the wrong question. The real question isn’t “What is money?”, the real question is “What is value?”, as in why does money have value at all, what backs that value. Money only has value because a large amount of providers of goods or services with inherent value are willing to exchange those actually valuable things for your money. And the number of those can vary over time because supply or demand for a good or service increases/decreases.
Most crypto-currencies are not equipped to deal with those fluctuations in the availability of actually valuable things by adjusting the money supply. Not to mention that the required money supply also depends on the velocity of money and how much people store away in savings and don’t touch at all.
Or in other words crypto-currencies are an incredibly primitive attempt to solve a complex problem with a solution so simplistic it is not fit for purpose.
