Replying to Avatar a source familiar with the matter

Those properties conferring value is contingent on a positive valuation for the underlying good in the first place.

If I had a bank vault that could only secure normal water, would anyone be impressed that I could secure it really, really well?

Similarly, Bitcoin excellently secures and transports the thing the ledger tracks, which turns out to be nothing at all. If Bitcoin could perform those functions so well for actual money, that would indeed be remarkable. But I will not agree that the 'nothing' the ledger tracks is money merely because it would be wonderful if it were.
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freeborn | ἐλεύθερος | 8r0gwg 2y ago

The underlying good is the ability to send verifiable messages containing value transfer without counterparty risk, and without the risk of inflation or confiscation. That ability is itself the underlying good, and I do positively value it (pun intended). But I repeat myself.

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