Help me debate an economist on Bitcoin!

[SheHadMANHands]

This individual and I are in a sort of informal debate over Bitcoin.  

He says, in response to one of my arguments:

You state: "What interests me a bit, are the new applications that crypto-currency allows for: "smart contracts", "decentralized autonomous organizations", machine to machine transactions." None of these are new: smart contracts - options; decentralized autonomous organizations - commercial banks; machine to machine transactions - internet transactions and ATMs.  The environment might be different but the ideas and their applications already exist.

I feel like he's shown his cards here, and his lack of understanding of these technological applications.  Are there any great examples that could be presented to best demonstrate that to him?  

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[SheHadMANHands]

Appreciate any comments.  

I always love the opportunity to convert someone.

[cooldgamer]

You state: "What interests me a bit, are the new applications that crypto-currency allows for: "smart contracts", "decentralized autonomous organizations", machine to machine transactions." None of these are new: smart contracts - options; decentralized autonomous organizations - commercial banks; machine to machine transactions - internet transactions and ATMs.  The environment might be different but the ideas and their applications already exist.

Well I've never gotten a overdraft with Bitcoin.  Banks are designed to make money, BTC is designed for people to transmit $$ through it easily.  No middleman=more efficient

Same goes for ATM's and internet transactions, Paypal charges $.30+2.9% CC fee to pay for goods, BTC costs $.03.  Even if you use a ATM with $0 fee, your bank will probably charge one.

Check out for smart contracts, there's a lot they can do that simple options can't. 

[PolarPoint]

Applications of money are always the same. Cryptos are different because of the blockchain. Previous smart contracts are private to private contracts, blockchain binds a smart contract in public in a decentralised trustless netwrok. They can be verified by anyone. That wasn't possible before.

[johnyj]

I think he misunderstood the meaning of machine to machine transactions: Today's internet transactions or ATM only accept human inputs, not from another machine, machine won't be able to transfer money to each other without human authorization from each bank, but with bitcoin, each machine can have its own wallet, and they could just send each other bitcoins without human interference, like AIs carrying out financial activities