It could provide some level of scarcity, so if there was demand you could achieve some sort of value. It wouldn't be stable though - you couldn't make a stablec

It could provide some level of scarcity, so if there was demand you could achieve some sort of value. It wouldn't be stable though - you couldn't make a stablecoin on proof of work either AFAIK. I guess it'd have an upper bound at $1 (why buy it for $2 if you can just burn $1), but no lower bound. So.. maybe it is a stablecoin :)