Re:I, Token: The untold story of the hole in Bitcoin's heart
by lottin on Saturday July 31, 2021 @05:52PM
(#28021858)
> I guess some schools of economic thought do claim such nonsense.
And what would that school of economic thought be exactly?
> Wow, who would have guessed it's in the actual definition of the word?
The definition of the word 'scarce' implies the notion of high price?
Re:I, Token: The untold story of the hole in Bitcoin's heart
by rantwasp on Saturday July 31, 2021 @11:42PM
(#28023618)
yes: deficient in quantity or number compared with the demand
if you believe in all the economic bs we are being fed, something scarce is going to increase in value until it's no longer scarce. that's literally the definition: deficient in quantity or number compared with the demand
Re:I, Token: The untold story of the hole in Bitcoin's heart
by lottin on Sunday August 01, 2021 @02:33AM
(#28024287)
> yes: deficient in quantity or number compared with the demand
If you want to go with that definition, then bitcoin isn't scarce by definition. Something can have a fixed supply and be abundant compared with the demand.
> you fail at elementary economics in a typical bitcoin-fan fashion
Instead of being condescending here is a tip for you: learn about bitcoin before writing it off. Who know, one day you might even change your mind.
> No school of economic thought claims such nonsense.
Can you google things? Do me and youself a favor and google "the scarcity principle"
Here I'll do it for you: https://www.investopedia.com/terms/s/scarcity-principle.asp
I guess some schools of economic thought do claim such nonsense. Maybe you should have a word with them.
But wait there is more: https://www.merriam-webster.com/dictionary/scarce
scarce: deficient in quantity or number compared with the demand : not plentiful or abundant
Wow, who would have guessed it's in the actual definition of the word?