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That's like saying because there are an infinite combination of ways to stamp a physical coin, and that the USA could instantly switch over to some random stamp
by Klathmon 9y ago
That's like saying because there are an infinite combination of ways to stamp a physical coin, and that the USA could instantly switch over to some random stamping of a coin and the value of the USD would drop to zero at the drop of a hat...
The value bitcoin has is in it's trust. The miners do not give it that trust in total, only in part.
- rspeer 9y agoIf there were a market for bad analogies for cryptocurrency, it would be inflationary.
- Klathmon 9y agoBut how is it wrong? Saying "there's an infinite amount of X because someone can create Y and everyone will switch to Y and call it X" is a silly pointless argument. Of course that could happen, but it would require basically everyone to agree that Y is X and to switch over to Y, which is basically an impossible task, let alone when tens or hundreds of billions of dollars are involved. It's a criticism that can be applied to literally anything.