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The value floor of a trust minimized machine arbitration system is not zero. It is the aggregate cost of displaced legal and financial services, which can be su
by garmaine 8y ago
The value floor of a trust minimized machine arbitration system is not zero. It is the aggregate cost of displaced legal and financial services, which can be substantial.
- bb88 8y agoYes, yes it is 0. Why I don't have to use your trust minimized machine arbitration system, when I can build my own, just like the 1,000 or so other alt-coins.
- garmaine 8y agoWhich would also be included in that valuation, the total value of which would be equal to or greater than the alternative costs.
- wpietri 8y agoNot at all. At least not in any realizable way. Even if a "trust minimized machine arbitration system" (which Bitcoin isn't) had much practical use and so displaced existing non-automated services, your notion of value still doesn't make sense. As an consider email. People used to spend a lot of money preparing and shipping/mailing physical documents. Much of that has been replaced by email. But what's the price of sending an email? Zero, or as close to it as makes no difference Is email valuable? Surely. Does that translate into a high price? Definitely not, because supply is approximately infinite.