also we already discussed that there is no value in stuff that is in infinite supply. you can make up your own bullshit, but you can't just conjure more bitcoin into existence and can't just create an advantage to yourself by printing your own money. that's why it was a schelling point.
at least that was true before the paper bitcoin era. once people start to hold "bitcoin" on their bank accounts (few years tops) the banks will just make those numbers up like they did with everything. KYC/AML regulation will make sure you can only send from walled garden to walled garden which will quickly devolve into cheaper "off-chain" offerings. then bitcoin scarcity becomes a joke. the writing is on the wall.
it already failed to appreciate in real terms (or against gold) for an entire cycle. the simple reason is that people are not buying bitcoin anymore, they are buying paper and weird ponzinomic affinity scams.
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Exactly. It had some value as peer to peer cash while the fees stayed low (and before other crypto did it better, eg bitcoin cash). But after that, well people didn’t want to say, well we have all this hash power supporting an inferior exchange of value, so maybe we can sell it as a store of value. But a store of what value? Its only value was as an exchange, so if you remove that, it has none. Or rather it has the value people have been convinced to believe it has. And clearly humans are pretty susceptible to extraordinary claims without any actual evidence. So the narrative works for ages. But not forever.