Re:Decentralized Blockchain-Based Electronic Marketplaces
by withdavidli on Sunday January 14, 2018 @04:22PM
(#16146559)
It’s a token economy like any fiat currency. The market determines the value. As long as people are willing to exchange something for a token, the token will have value. Tokens can be usd, euro, yen, btc, eth, sea shells, plastic chips (e.g, casino chips).
And therefore it clearly follows that bitcoin is worth, what, $13,400 per BTC?
If the amount of crypto-coin is near limitless (hint: it is), why is any of it worth anything at all?
Which is yet another flaw in the original Bitcoin premise... that because Bitcoin is scarce, it is valuable. But guess what... bitcoin isn't scarce at all. It can, and has, and will continue to be forked. And yeah yeah yeah.... "network effects" and "first mover" and whatever. If, as you say, the switching costs are basically zero... why does any of it have any value at all?