> The value of bitcoin is that it is a money with a fixed supply. There are any number of things with a fixed supply, and most of them are not valuable. Scarci

> The value of bitcoin is that it is a money with a fixed supply. There are any number of things with a fixed supply, and most of them are not valuable. Scarcity is not what makes something valuable, it is some intrinsic value plus scarcity. As a money, BTC is bad and will get worse if it deflates and people want to hold, rather than spend it. If, conversely, the value collapses, it is also bad money. Note one thing, btw, which I haven't really seen mentioned: Currently, BTC mining produces 900 BTC a day in coinbase rewards, or about USD 40m, or about USD 100 per transaction. Once mining rewards halve a few times, and/or BTC drops, and assuming people are willing to pay only around 1 USD per transaction, it'll generate around USD 500k a day, and difficulty will adjust to support that amount of mining. However, that amount doesn't strike me as being absolutely immune to a 51% attack, if big sums are at stake.