But they're not buying coffee with it so it can't really be money.https://twitter.com/JWilliamsFstmed/status/1166349208468840448 …
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Menger, Mises & Rothbard we’re clear on this: All of the secondary functions of money (SoV, credit, payment medium, UoA) are predicated on its ability to serve its primary purpose as MoE.
But confining "exchange" to petty retail is extremely wrong, as Bitcoin has amply demonstrated. Indeed, from studying origins & history of money, confining definition of money to 2-way exchanges, excluding other valuable transfers of wealth, also falls far short of completeness.
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Fair enough, but how does the context of the exchange or the number of individuals party to a tx change the rule?
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It doesn't. If it doesn't directly settle on Bitcoin, but only eventually settles there (usually as net settlement), it's a higher layer of bitcoin. All major currencies work in multiple digital layers. No big mystery here, just ignorance of overly talkative pundits.
End of conversation
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What he said!
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Sure, but if you can’t use it for “petty” retail then it will never be money.
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You are making an objective claim when Austrian Economics is subjective. Your “petty” is meaningless
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