Comment: It is a real currency.

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In reply to comment: Credit markets... (see in situ)

It is a real currency.

It is certainly a real currency. Being an unstable currency, doesn't change that it is one.

Your examples of instability are completely inverted: If the market value of a currency goes up, people want to lend because they expect their their interest and principal to appreciate, and if value goes down, people want to borrow because they believe it will be easier to repay.

I do agree with your main point, and I believe Bitcoin is nothing more than a completely worthless, speculative asset, that will eventually collapse.