Trying to steel-man your position - Bitcoin is still fiat, and it’s what fiat tickets and Bitcoin tickets can be exchanged for that is the real thing of value.

Am I close to the meat of your claim?

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If so, I would agree with that.

But Bitcoin is a communication network, the token/ticket (unit of account), the transmission of the token, the ledger, the bank vault, the bank security guards, and more (more and more overtime since it’s software that can be improved with BIPs).

These together, bundled in code that individuals can choose to run on their own devices, are immensely valuable.

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Discussion

Very close, but not dead-on

Who creates the tickets?

Why should any of us care to accept these tickets from the creator in exchange for coats or anything else?

If we want to trade these tickets around, how do we know how much they're worth against various real things?

If I can take the ticket into a department store and trade it for a coat, in the short term and for me it is just as good as if the ticket creator gave me the coat. A coat is a coat (at least in this metaphor) & a troy ounce of 99.9% gold is a troy ounce of 99.9% gold. But what will the department store do with the ticket except make their way back to the coat check and demand a coat? If for some reason these tickets are widely accepted and there begins to be some doubt about whether they will be widely accepted in the future, perhaps because people increasingly understand the coat check has no coats, people will dump the tickets while they're still good for anything they can get their hands on.

This panic, which Mises called the flight to real values, I believe will happen to both fiat currency and Bitcoin because there is no real stable asset. For now both of these accounting units exchange for various real goods.