Ask HN: Why crypto is rising so fast when its not creating value?

Re:Ask HN: Why crypto is rising so fast when its not creatin... by JohnFen on Sunday November 07, 2021 @09:10AM (#29139552)

> If someone is willing to pay for it, then it has value to that person.

My problem with that definition is that it's a tautology, and therefore holds little actual meaning and provides no insight.

"Why is that valuable?" is not a question meaningfully answered by "because people want it". That answer only begs the question. Everything that has value to people only has value because people want it.

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Re:Ask HN: Why crypto is rising so fast when its not creatin... by DennisP on Sunday November 07, 2021 @12:02PM (#29141193)

Ok then skip the word "value" entirely. People are willing to pay a lot for ETH, because they're willing to pay to issue transactions on the network and that increases the price of the network's currency.

That's not a tautology because it's two different things. If they were only paying for the currency, that could be just a speculative bubble. If the price is based on people paying to issue transactions, that's a price built on actual use.

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