News for hackers. Stuff that matters.

A comment on Bitcoin Halving Just Occured. Parent comment

Re:Bitcoin Halving Just Occured by krustyburger on Monday May 11, 2020 @04:07PM (#23146382)
Calling Bitcoin the universe’s scarcest asset is laughable. Leaving aside the hyperbole of invoking the “universe” to rank the scarcity of something terrestrial, there are many conventional assets that are scarcer than Bitcoin, like Picasso paintings or mansions in Bel Air. Lastly, Bitcoin is not even the” scarcest” cryptocurrency.

Even if you stand to gain if Bitcoin’s price increases, you should not be trying to generate hype for it here on HN.

[ Parent | on HN ]
Re:Bitcoin Halving Just Occured by leorio on Monday May 11, 2020 @04:21PM (#23146548)
scarcity is determined by demand not supply.
[ Parent | on HN ]
Re:Bitcoin Halving Just Occured by krustyburger on Monday May 11, 2020 @07:16PM (#23148459)
It is literally the difference between supply and demand and is determined by both.
[ Parent | on HN ]
Re:Bitcoin Halving Just Occured by leorio on Tuesday May 12, 2020 @04:13AM (#23151628)
Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.

For money, scarcity is demand induced. For cryptocurrency/money the number 21m or 100m does not matter as long as it's divisible.

For something like paintings, scarcity is supply induced.

[ Parent | on HN ]
Re:Bitcoin Halving Just Occured by lgl on Monday May 11, 2020 @04:15PM (#23146492)
This! Also ironic that the currency that would ideologically only bring benefits to the unbanked is now largely held and controlled by bank-like institutions and the crypto equivalent of the top 0.1% since most bitcoin is held in a very small amount of wallets.

Its premise is now basically to replace one shitty system for another shitty system but one that's unregulated and powered by memes and waste of electricity.

[ Parent | on HN ]