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>A theory fully embraced by every con artist --- and crypto fan. There are some BTC maximalists who demand that the energy consumption of BTC and the sunk cost
by aww_dang 5y ago
>A theory fully embraced by every con artist --- and crypto fan.
There are some BTC maximalists who demand that the energy consumption of BTC and the sunk costs give it value. This is the input cost theory of value which is distinctly different. Similar to the labor theory of value.
I'm sure the title to a the Golden Gate Bridge is at least worth the paper it is printed on. Perhaps if there is significant novelty value, someone may buy it for those benefits alone. It is impossible to say how individuals would value it, but again false and fraudulent claims are a distinct and separate matter. Attempting to conflate the issue is somewhat dishonest in itself.
- jqpabc123 5y agobut again false and fraudulent claims are a distinct and separate matter. Kinda like the claim that electrons are money as long as some other fools accept it? No "conflation" required.
- McLaren_Ferrari 5y agoBy the same token it's impossible to say what goes on in the mind of an individual who goes through a sudden change in their personal evaluation of the asset they just bought. If they buy the title to the Golden Gate Bridge from you and then try to cash in and suddenly realize they have been had....well it's only fair game if they come looking for you with the intention of making themselves whole (and then some) Or if they are civilized they'd go to the police and they'd be the ones coming for you. As you see the subjective theory of value can be extended to everything and anything. It doesn't stop working once the transaction is settled. Per the subjective theory of value the transaction can always be reversed: judicially, politically or violently. That's the reason why scammers who are smart try to put as much geographical and jurisdictional distance between themselves and those who were scammed