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No no no. You don’t get it. You cannot make up your own definition of wealth and go meta (personal wealth vs WEALTH) as soon as the point you’re trying to make

No no no. You don’t get it. You cannot make up your own definition of wealth and go meta (personal wealth vs WEALTH) as soon as the point you’re trying to make no longer works. Something scarce that has any demand at all will see a rocketing price for it. That’s what scarce means. Of course it’s supply and demand and all that jazz but usually scarcity + any kind of demand leads to a high price.

lottin 5y ago
No, you fail at elementary economics in a typical bitcoin-fan fashion. Your personal wealth is your share of overall wealth in the economy. Your share will increase or decrease whenever you become wealthier or poorer relative to others. This is what happens when there are changes in the relative prices of assets, wealth is redistributed. And, again, scarcity isn't a predictor of price. Scarce means in short supply. It doesn't imply, by any stretch of the imagination, high price. No school of economic thought claims such nonsense.
- rantwasp 5y ago
  sure thing buddy. only you can understand what wealth means. > you fail at elementary economics in a typical bitcoin-fan fashion Instead of being condescending here is a tip for you: learn about bitcoin before writing it off. Who know, one day you might even change your mind. > No school of economic thought claims such nonsense. Can you google things? Do me and youself a favor and google "the scarcity principle" Here I'll do it for you: https://www.investopedia.com/terms/s/scarcity-principle.asp https://www.investopedia.com/terms/s/scarcity-principle.asp I guess some schools of economic thought do claim such nonsense. Maybe you should have a word with them. But wait there is more: https://www.merriam-webster.com/dictionary/scarce https://www.merriam-webster.com/dictionary/scarce scarce: deficient in quantity or number compared with the demand : not plentiful or abundant Wow, who would have guessed it's in the actual definition of the word?
  - lottin 5y ago
    > I guess some schools of economic thought do claim such nonsense. And what would that school of economic thought be exactly? > Wow, who would have guessed it's in the actual definition of the word? The definition of the word 'scarce' implies the notion of high price?
    - rantwasp 5y ago
      yes: deficient in quantity or number compared with the demand if you believe in all the economic bs we are being fed, something scarce is going to increase in value until it's no longer scarce. that's literally the definition: deficient in quantity or number compared with the demand
      - lottin 5y ago
        > yes: deficient in quantity or number compared with the demand If you want to go with that definition, then bitcoin isn't scarce by definition. Something can have a fixed supply and be abundant compared with the demand.
    - deleted 5y ago
      [deleted]

lottin 5y ago

No, you fail at elementary economics in a typical bitcoin-fan fashion. Your personal wealth is your share of overall wealth in the economy. Your share will increase or decrease whenever you become wealthier or poorer relative to others. This is what happens when there are changes in the relative prices of assets, wealth is redistributed. And, again, scarcity isn't a predictor of price. Scarce means in short supply. It doesn't imply, by any stretch of the imagination, high price. No school of economic thought claims such nonsense.

rantwasp 5y ago
sure thing buddy. only you can understand what wealth means. > you fail at elementary economics in a typical bitcoin-fan fashion Instead of being condescending here is a tip for you: learn about bitcoin before writing it off. Who know, one day you might even change your mind. > No school of economic thought claims such nonsense. Can you google things? Do me and youself a favor and google "the scarcity principle" Here I'll do it for you: https://www.investopedia.com/terms/s/scarcity-principle.asp https://www.investopedia.com/terms/s/scarcity-principle.asp I guess some schools of economic thought do claim such nonsense. Maybe you should have a word with them. But wait there is more: https://www.merriam-webster.com/dictionary/scarce https://www.merriam-webster.com/dictionary/scarce scarce: deficient in quantity or number compared with the demand : not plentiful or abundant Wow, who would have guessed it's in the actual definition of the word?
- lottin 5y ago
  > I guess some schools of economic thought do claim such nonsense. And what would that school of economic thought be exactly? > Wow, who would have guessed it's in the actual definition of the word? The definition of the word 'scarce' implies the notion of high price?
  - rantwasp 5y ago
    yes: deficient in quantity or number compared with the demand if you believe in all the economic bs we are being fed, something scarce is going to increase in value until it's no longer scarce. that's literally the definition: deficient in quantity or number compared with the demand
    - lottin 5y ago
      > yes: deficient in quantity or number compared with the demand If you want to go with that definition, then bitcoin isn't scarce by definition. Something can have a fixed supply and be abundant compared with the demand.
  - deleted 5y ago
    [deleted]