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That's my point - the thing that makes bitcoin "scarce" is not that there is a fundamental limit to the number of bitcoin-like tokens that exist, it's just that
by Imnimo 6y ago
That's my point - the thing that makes bitcoin "scarce" is not that there is a fundamental limit to the number of bitcoin-like tokens that exist, it's just that there's inertia against creating more.
I don't mean "if we collectively wanted to" to suggest that people will just up and choose to do so tomorrow, only to say that it's that lack of collective will, rather than true scarcity, that restricts the number of bitcoins.
- throwaway-8c93 6y agoAnd not only that. Once the last block is mined, the only revenue for the miners will be transaction fees. If anyone insists on a large future valuation of BTC, it follows there will be massive future transaction fees. Massive transaction fees dissolve any advantages stemming from network effects.