Nobody prevents you to exchange goods, services or dollars for cigarettes, Pokemon cards or abstract numbers on a computer. But this doesn't make cigarettes, Pokemon cards or abstract numbers a currency. A currency is legally enforceable instrument which originated from loan contracts. A cigarette is a small cylinder of finely cut tobacco leaves rolled in thin paper for smoking. A Pokemon card is a collectible card based on the Pokémon video game series. A number is an abstract mathematical object. So, you can exchange whatever you want, but thing A will not magically become thing B because of that.

P.S. I have a number 5 written in my Word document. Are you interested in buying it? The price is just $1,000. On a standard Bitcoin exchange the same number costs $65,000.

This is as nonsensical as saying: with time, a picture of a car in digital form will become a road vehicle with four wheels, powered by an internal combustion engine and able to carry people. Well... it won't. You can pay $1,000,000 or even $100,000,000 for a picture of a car but this won't make it a car. Likewise, you can pay $100,000,000 for a number in digital form(bitcoin) but this won't make it a currency. Currency is money of a particular country which originated from loan contracts. As such it grants its holder the legal right to tangible goods and services of people who have loans and is backed by enforceable loan contracts and collateral(or bank's assets in the case of unsecured loans). On the other hand, number in your bitcoin wallet is an abstract mathematical object that is completely useless. It is nonsensical to compare this two instances or believing that a number in digital form can become legally enforceable instrument just because this number is modified when people give their goods, services or money to someone.

 
This is not an argument.


No, I am not talking about legality. I am talking about the fact that cryptos are numbers and that numbers are abstract mathematical objects without value. You cannot compare bank notes to numbers(cryptos). A bank note is a legal document showing that people who hold it, credited borrowers with tangible goods and services. Since borrowers must pay back their loans, otherwise they would lose their homes, cars or other assets, they are legally forced to return tangible goods and services back to people who have bank notes. Hence, a bank note is a legal document that entitles the holder to tangible goods and services and as such it has intrinsic value. Cryptos however, are empty numbers stored on the internet. Comparing a legal document(which grants right to tangible values) to an empty number is nonsense of a high order.



Ponzi is not determined by means of control or profit, but by one simple thing: people put in actual values in the form of dollars, euros, pounds, tangible goods and services... and they end up with promises, faith, hope or empty numbers(like in the case of cryptos). Or simply put: value in - junk out. If you give your iPhone(value) to someone and as a result some number has been modified(crypto) this won't make this crypto practically useful. It is still a number - an abstract mathematical object without practically utility - you can't eat it, drink it, wear it, drive it, sit on it, enter into it, please the aesthetic senses with it, etc. Hence, value in - junk out. And that is ponzi.


Bitcoin is not a currency. Bitcoin is a number, while currency is representation of loan contracts in a specific country.



Digital currency is digital representation of loan contracts in a specific country and legal claims that originated form them(deposits for e.g.). Bitcoin is number in digital form, not a currency. A number can exist in human mind, on paper, in  computer's memory, in sand, etc. Bitcoin is number that exists in computer's memory. Digital currency is representation of loan contracts that exists in banks' computers. Calling a number (bitcoin) a currency won't make it representation of loans or legal claim.

You guys should educate yourselves about basic monetary concepts instead of just repeating nonsense that numbers are currency.

Value is something that has practical utility, be it: legal claim that grants rights to tangible goods and services or tangible goods and services. Numbers on the internet are no such things. Crypto is neither a legal claim nor something tangible. It's just an empty number, a numerical value. If you give your iPhone to someone and as a result some number has been modified this won't make this number practically useful. If no legally enforceable claim exists that is represented with this number, than this is the same as throwing away your iPhone.
  

I am sorry to disappoint you, but bitcoin has no exchange. You cannot exchange bitcoin for something because bitcoin is an abstract mathematical object. It cannot provide utility. And without utility there is no value to be exchanged. Bitcoin price just shows how much goods, services or legal claims(money) people are willing to throw away. If I throw away my iPhone and my friend records this by writing my name next to the number 1, this won't make  number 1 valuable. Number 1 is still a number, it's still a mathematical object without utility, without value and as such it cannot store, measure or hold value of something. This is also true if my friend spends enormous amounts of energy to generate this number - to mine it via brute force. Number 1 would still be worthless mathematical object with no practical utility.  This is also true if I give a fancy name to this number - for example iPCoin. I can call it whatever I want but this won't make it practically useful. Crypto system is basically a child's play. All it does is generates, stores and transfers empty numbers between members.

The so called crypto market is not market at all, but a place that records how much values(goods, services and money) people are willing to throw away just to have numerical record of it. Calling a numerical record an asset, money, currency, tokens, coins, digital gold, won't make it valuable. Numerical value is just an emergent property of measurement of some object or emergent property of some mathematical or real relationship and it cannot have value in principle.

For example, number 100 next to the simbol "$", which is recorded in a bank's computer, measures the size of bank's liability towards a depositor and this liability is the result of a loan contract. This number is therefore just an emergent property of the loan agreement. It is a numerical representation of an actual object - a real legal relationship between the bank, borrower and depositor. It is an abstract object that measures something and it has no value on its own. This is like using number on a phone bill, to measure a legal claim of a telephone operator for telephone service . It is not the number that has value. The claim is what has value, while number is just a numerical representation of it.

Bitcoin however, is not a numerical representation of some legal claim, some legal agreement, or of someone's legal liability. It is not an emergent property of measurement of some actual object. Bitcoin is literally an empty and useless number. People are throwing away goods, services and money just to end up with valueless numbers. In order to rationalise this foolishness they gave names to this numbers or call them assets. This is like throwing away your iPhone, make record of it, then call this record an asset and saying that this 'asset' has value. It's really mind blowing how easy is to manipulate people. You can really make people believe that an abstract mathematical object is an actual asset. You can really fool them to give you real tangible goods, services and legal claims(dollars, euros, pounds) for numerical records on the internet. You can really trick them to give something for nothing. All you need is good rhetorical skills, some story that they are part of some new magical kingdom without evil governments or banksters....and you can do whatever you want with them. Albert Einstein was right when he said: "Two things are infinite: the universe and human stupidity; and I’m not sure about th’universe!"

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful.

Dollar bill is paper that represents legally enforceable claim which originated from loan contracts. Number on it is a mathematical object that measures the size of this claim. Bitcoin is a number in digital form. You cannot compare a number - an abstract mathematical object, to a legal claim - a property.

From when is number a scarce resource?

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY