> It's "money" but it has to be permanently connected to the Internet and it *expires* if disconnected for too long??

Staying disconnected is not what makes them expire, but you need connection to ‘renew’ them before they do expire, if you plan on keeping your tokens for a very long time (say, years). At least that’s my reading of it.

> This is infinitely worse than Bitcoin.

If we only consider this single aspect and ignore all the other ways in which it’s arguably better than Bitcoin, then yes.