CryptoCurrency

Run any CryptoCurrency you know of by what is written here. You will see they are not money. Leaving you to wonder ... what are they?

The "provable" definition of money is "an in-process promise to complete a trade over time and space". It is only created by traders (like you and me buying things on time payments) making such promises and getting them transparently certified by the process. It is destroyed by those traders delivering as promised. If they DEFAULT, the orphaned money is immediately reclaimed by INTEREST collection of like amount. Thus, there is "perpetual" perfect equality between supply and demand for money and thus zero INFLATION of the money itself.

The operative relation is: INFLATION = DEFAULT - INTEREST = zero

Further, money is in perpetual free supply to responsible traders (those who don't default). Only deadbeats pay interest ... such interest according to their propensity to default.

The reason for any confusion is purposely caused by the money changers. They have co-opted every MOE (Medium Of Exchange) process. They make you think they, or the governments they institute for their protection, create the money. They can thus make you come hat-in-hand to do so and demand tribute (they call it interest and the time value of money). They manipulate the supply to serve their enormously profitable farming operation ... they call it the "business cycle".

The governments they institute are just traders like you and me with two exceptions: (1) They can "force" you to do business with them. And (2) they default on all money they create (a rollover is a default). Thus, governments sustain themselves by counterfeiting. All taxes they force you to pay now go to the money changers ... for interest.

Re: Crypto? "Proof of work" is not an attribute of any real money. It is confusion that comes from thinking precious metals like gold and silver are money. Crypto is pure wasted energy. What the crypto mining operation accomplishes (an un-changable transaction ledger) can be accomplished without mining ... and far more efficiently ... without the built deflation all crypto processes employ.