I’d add that it has a huge decentralized network of purpose-built hardware securing it, and a huge swarm of decentralized nodes enforcing its rules, and making

I’d add that it has a huge decentralized network of purpose-built hardware securing it, and a huge swarm of decentralized nodes enforcing its rules, and making it hard for a small group of people to change its rules. That’s worth something, it makes it closer to something like gold, which has hard natural physical constraints, but without some of the limitations of physical goods (ease and speed of transferring).