You always need a backstop, otherwise you only have scarcity and not intrinsic value. Scarcity gives value in a bull market when people want in, but only a back

You always need a backstop, otherwise you only have scarcity and not intrinsic value. Scarcity gives value in a bull market when people want in, but only a backstop gives real intrinsic value in a bear market when people want out. It isn't like you can reverse the mining process and get back the electricity which was used to mint your BTC or something.