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It is the scarcity that creates the 'value'. Unless everybody walks away from the idea that it is worth something (may happen), then its value is still driven b
by rlefebvre 9y ago
It is the scarcity that creates the 'value'. Unless everybody walks away from the idea that it is worth something (may happen), then its value is still driven by how difficult it is to create some.
- root_axis 9y agoScarcity doesn't create value. A copy of my personal memoir is extremely scarce, yet the value is zero. Further, bitcoin only has the illusion of scarcity, and clearly that's enough, but as was demonstrated by BCH, the supply of coins can be trivially increased. Enthusiasts will argue "BCH is not BTC, they're two separate currencies", but this is missing the point that "crypo-tokens" are an unlimited resource that is artificially limited through a consensus that can change at any time.
- UncleMeat 9y agoThe total volume of my excrement over the course of my lifetime is scarce. Yet it is worthless to investors. Scarcity alone does not make something valuable.
- rlefebvre 9y agoI understand that you consider bitcoin to be sht and do not want it. It seems enough people have confidence in its mechanisms though. So that would be scarcity+confidence that gives it its value. But the same thing happens with the next crypto currency (your neighbors' sht) so maybe it is worth nothing after all. Not taking a stance, just trying to understand.