Replies (4)

Yeah he’s got it backwards. Nick Szabo is the one to read on this but the Austrians he mentioned all agree it’s SoV first followed by MoE. The idea is basically something of value would be stored in surplus and traded for other things of value someone had stored in surplus - the best of these stores gravitated towards money in different areas and contexts. Seashells which is his first mention weren’t collected to simply become a Medium of Exchange - they were first a collectable and because they were durable and portable, later became proto-money. It doesn’t make any sense for a MoE of exchange to emerge unless people value it enough that they’re willing to hold it for a period because they believe it will hold its value sufficiently to be traded over time.
That's how trading works. You have something I want. I have something you want. We can exchange goods. You have something I want, but you don't want what I have, there is no exchange. Value is subjective. Preferences need to align. You might see value in bitcoin, but your grocer doesn't. Its your job to convince them why they should accept it. Your answer needs to satisfy their want/need. Their want/need is to make profit, pay for the goods their selling and the labor cost of their employees. If you tell them that bitcoin is the greatest store of value on the planet, but they are already profitable because the owner has real estate, stock, and other assets, your store of value is of little use to them as they already have it. So you're not servicing their want or need. Simply saying "number go up" is the equivalent to selling snake oil, especially when fiat prices crash or you're in a bear market. Price isn't value. Value isn't price.