I think I see what you’re trying to do now. You’re basically saying that ‘intrinsic’ value is meaningless, and if something is scarce and in demand, it will have value. If it is truly scarce and lots of people want it, it will be really valuable, maybe infinitely so. Ok, so let’s say you’re correct. And let’s apply this to bitcoin. It’s scarce (21m) and lots of people want it. So it must always go up. And when people have it they’ll continue to want it. Why? Because other people want it, who will pay for it, because they want it. So the people who have it just have to convince others to want what they have, but not sell what they have, which will work because others want it.. Can you see the circular logic of this?

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for the record, i don't think it ill always go up. i don't think it's valuation works as it should have anymore. but i do think that bitcoin is not like physical stuff. for example i would not want 1000 barrels of oil delivered to my door, but i would always accept a 1000 btc if someone wants to send it to me. there is no cap on what a single person can conveniently hold. it's very special in that sense.