Bitcoin has few attributes of money but all the attributes of a collectible
This article is knocking down a squadron of strawmen. First off, bitcoins key attribute is not “privacy” but censorship resistance. It’s why wikileaks has been able to keep operating all these years after being cancelled by the mainstream payments industry. Not to mention many smaller, politically oppressed activist organizations, and much of the marijuana industry.<p>Secondly, the attributes of money are, according to Rothbard from memory:<p>- hard to counterfeit: bitcoin has this better than anything else.<p>- a store of value (not price stability.): It’s doing this great, just don’t buy late in the post halvining revaluation period. (Bitcoin haters don&#x27;t seem to know the halvening exists.  Bitcoiners are not worried about “price stability”.)<p>- divisible:  down to 1&#x2F;100,000,000 of a bitcoin, further possible with lightning. This rnables micro transactions.<p>- immune to spoilage:  bitcoin can’t dissolve in water like salt (a previous form of money) and is quite robust, and can be backed up!<p>- easy to transport:  bitcoin can be stored in any number of ways, more portable than paper money even.<p>- fungible:  bitcoin is pretty fungible, but anti-freedom forces are trying to change that.<p>- liquid:  bitcoin is extremely liquid with a global exchange network and ATMs all over and multiple p2p exchange services like localbitcoins.com to serve even places like the Sudan.  Is paypal easy to use in the Sudan?
Bitcoin is a more liquid form if money than anything other than the US Dollar and is competitive even there.<p>What bitcoin IS NOT, is a collectible like baseball cards.  Baseball cards are absolutely not fungible— that is what makes them collectible!   A babe ruth rookie card in mint is worth a lot more than last years random rookie card.<p>The author of this piece doesn’t understand what money is, or why bitcoin is the way it is, which means they haven’t  done basic research.<p>I understand, certain people really hate bitcoin— and for good reason.  Bitcoin will eventually obsolete the fiat inflation system which has created the wealth inequality in much of the world. The system that lets politicians buy power and escape responsibility for violating rights.<p>Bitcoin destroys the number one tool of human oppression.<p>A tool which, by the way, paid money to indoctrinate people into beliefs that result in them hating bitcoin.<p>But bitcoin isn’t alive.  The hate doesn&#x27;t affect it. Bitcoin is a well constructed set of incentives.<p>Embrace or ignore, your choice.