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> As far as I can tell cryptocurrency's value comes from how much it costs to mine the currency This is wrong. Multiple currencies use proof-of-stake and still

• that_guy_iain 5y ago
  > Multiple currencies use proof-of-stake and still have value. Are they Bitcoin valuable? Are they as valuable as proof of work? I think not. > Price is determined by demand and supply. So the supply is lower because it's harder to mine so the price goes up and because the price is going up demand is higher. It's kinda like diamonds. Pretty useless but because the big companies hoarde all the diamonds they keep the price high and because the price is high people put value in them.