you can't separate value from how hard something is to acquire. that makes no sense. and yes it can be situational. a man dying of thirst might trade a gold bar for a bottle of water. but generally speaking that quantity of water has almost no value. the stuff is everywhere on the planet in mind breaking quantities.

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Water is abundant and valuable. That doesn’t make things that are scarce valuable by default. I just farted. It was an incredibly scarce fart, one of a kind in fact. It would be incredibly hard to capture. Does that make it valuable?