Geist on Nostr: This is based on the idea of bitcoin being a liability, a promise for some other item ...

This is based on the idea of bitcoin being a liability, a promise for some other item of value akin to a paper promise for gold. Bitcoin doesnt need a backing, it doesnt require reserve assets, it is the backing, its not a security or liability to anyone, it is the commodity itself. Now, of course you believe in regression, so you could argue bitcoin has no value of its own, but I dont think you could argue that it is a security.