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How does that differ at all from the possession of any sparse, shelf-stable commodity that is in demand? For example, gold or palladium. An individual possessin

How does that differ at all from the possession of any sparse, shelf-stable commodity that is in demand? For example, gold or palladium. An individual possessing palladium in the past 10 years would have seen a 400% increase in value. The people holding the metal aren't doing anything, it's just demand for it has increased and the value of fiat has decreased over time, so it is worth more. The same could be said for video games or pokemon cards. I guess maybe the argument is you can do something with metals or video games or pokemon cards. But it's hard to believe that a special Charizard has a utility permitting million dollar valuations.

ansible 5y ago
There is hopefully no one out there that genuinely believes that a Charizard card is actually worth anything other than for entertainment. People are apparently willing to pay a lot for said entertainment, and the cachet of owning a rare card. And that's fine. Palladium is a genuinely useful material, and has significant industrial uses. If it gets expensive, that's just markets. If it gets too expensive, alternatives will be researched and hopefully developed. And that is fine. Crypto fraudsters are trying to tell us that their coin is legitimately useful for ... something, while it is actually an entertainment product. In my view, Doge is one of the few legit crypto coins because it was initially marketed as entertainment. People would donate Doge to each other for fun. Some of the file storage coins may also be legitimate, because you spend those on distributed storage, which is an actually useful service. But the majority of crypto coins and NFTs are marketed as something useful or a legitimate investment, when they are not.