Re:S&P Dow Jones Indices to launch cryptocurrency indexes in...
by Erlich_Bachman on Thursday December 03, 2020 @02:06PM
(#25293046)
They already have created an infinite number of them. Nobody is buying them. BTC and a couple of others have the property of being valueable (which is decided in consensus by the users in the real world), while also being scarce. Nobody cares if some shitcoin on the bottom of coinmarketcap is not scarce. It is irrelevant.
So yes, useful cryptocurrencies are scarce.
Re:S&P Dow Jones Indices to launch cryptocurrency indexes in...
by the_gastropod on Thursday December 03, 2020 @02:50PM
(#25293733)
> BTC and a couple of others have the property of being valueable
I'm not sure this is a rock-solid argument. Ponzi schemes also have value (until they don't). MLM's are often massively valuable, too. But most people would acknowledge they're little more than scams to the huge majority of people "invested" in them.
Gold is a physical thing that is scarce and has real uses other than being treated as 'money'. We have only mined a cube with 28 meter sides of gold from the dawn of time! It's useful- that's why it has value.
If it wasn't useful (pretty for jewelry and an essential industry product) then it would be fairly worthless.
You say crypto is scarce? The scarcity is artificial, and you can create an infinite number of crypto currencies...