Exactly. I think part of the problem was just inability to imagine that he will normally work for Bitcoin, not trying to exchange it for fiat. So when he spends something, someone else will get the money and then he will have to work to get it back.

The other point is that he insisted you can’t collect yield from borrowing non-elastic money because

1) it’ll be diflationary which = negative interest rates. Total bullshit again.

2) or otherwise it will create that interest from thin air, which will inflate the money supply of Bitcoin. I said - it might if we allow fractional reserve all will not trigger enough bank-runs to make sure it’ll not happen… but he instisted that it will happen anyway, not considering the concept of mining.

This one will be hard but I’ll break him.