It does have the natural floor that it's unlikely for your personal holdings to somehow turn into debt, at least. That's ... better than some assets you could hold.

>it had assets

That doesn't mean there is a floor. If there is no demand for any of those assets they would be worth nothing.

USD doesn't have a floor either. One day everyone could just decide it's worthless scraps of cloth.

USD is fundamentally different from cryptocurrency. For one thing, there will always be demand for USD because Americans have to pay taxes in dollars. If you’re an American and you make $X in a year, you have to buy ~1/3 of that in USD to pay your taxes, no matter what.

Bitcoin by that logic will also always have demand because you will have to pay your ransoms in it.

It sounds like a joke, but yes, it is the things you can buy that determine a currency’s utility:

Drugs, remittance, ransom, exiting a crashing fiat, and a 21st century gambling experience.

So exiting a crashing fiat is like a fire extinguisher or a pistol, worthless until such a moment it is the only thing that isn't worthless.

Drugs, too, I defend the actions of the victims of the opioid epidemic in seeking drugs, they were actively tortured for most of their waking hours by a multi-level-marketing pharmaceutical scam. Those drugs weren't recreational, they were an anaesthetic in response to malpractice. Like the Sacklers are literally hard drug dealers, they literally have a monopoly on legal heroin and cocaine. Or should I say OxyContin and Adhansia. They did that through legal bribes as a cover for additional fully illegal bribes, inviting doctors to hedonistic islands to get compromat, treating the FDA like their personal lapdog, disgusting acts of philanthropy with their ill-gotten gains, medical media, and the ordinary media.

So like if they are cornering the market and intentionally cheating the patients out of antidote while increasing the doses of poison, you know what, don't tell me black is white. The legal market is shit and the illegal market is superior. And in fact the only limit to their cheating their patients out of medicine is presented by the black market, that's the resistance and why the problem wasn't even worse.

This response seems more related to the morality of drug addiction (through big pharma or dark web). I don't think you can say that the illegal market is superior. There's a lot of downside: Buying heroin and getting fentanyl is an example. My only claim is that cryptocurrencies are useful for things that are at odds with national governments (circumventing their legislation, or dealing with the fact that they're dysfunctional), since in those situations, fiat doesn't work well.

Do your homework, fuck. You can buy kits to test drugs for purity on those same black markets. It's playing with fire, use your judgment.

I would say fentanyl sounds disgusting, but OxyContin is even worse, because at least fentanyl you're not being tortured for ten hours a day. The dealer isn't gaslighting you about dosage. There are opioids that strong and there are like jeweler's scales you can use to mete them out.

So in particular I never had an interest in hard street drugs, just sounded highly unattractive. Like falling into a black hole. To feel happy? Come on.

You probably have a better chance of convincing your hackers to accept Monero than the US government to accept anything other than USD.

The fact that there is forced demand does not matter because the supply is potentially infinite. Look towards any episode of hyperinflation to see this on full display. You need both limited supply and non-zero demand to guarantee scarcity and thus value.

That's no how money works, money is mostly created by demand (93 to 97% in developped countries with efficient banking system). And that money is easy to destroy too, you could destroy 93% of existing dollars by reimbursing the debt owned by household, companies and US government.

How can you just ignore dozens of hyperinflation episodes? Clearly there are situations where supply becomes infinite.

Sorry, i should have said: that's not how money works in modern economies.

I'm not ignoring hyperinflation, but clearly it has nothing to do with Zimbabwe or Venezuela. The only comparison could be the Weimar republic, as this disaster was caused too by production deficits (France invading the Ruhr valley+ loosing colonial income), but obviously similarities stop there.

America could get rid of taxes or stop existing altogether. There always exists a risk of demand drying up.

In that scenario, I don't think anybody is using Bitcoins either.

Fair point.

Stocks have real assets and intellectual property, USD has the USA army and economy.

Real assets aren't inherently more valuable than digital ones. I've spent much more on digital assets in my life than on physical assets. Cosmetics in video games are much more valuable to me than like clothes in real life. To me buying physical stuff is mostly a waste of money.

The USA army could be dissolved and the economy could switch to use something else. Of course these events have a low probability of happening but if someone wants to say something else doesn't have a floor because demand could dry up you can't say something else does have a floor even though demand could dry up just the same.

You've spent more in your life on digital assets than food+clothes+rent+etc. together? I doubt it.

Yes, that is correct. In the physical world I live minimalistically because I don't value physical things as much compared to digital things.

I cannot understand this point of view. In what world will you keep enjoying your digital cosmetics after the USA army is dissolved?

They were independent statements. But yes, if for some reason the USA dissolved their army I would still enjoy playing video games.

Maybe that was a bit facetious, my point was that there are no digital assets without a physical guarantee

I don't quite understand what you are getting at. Could you explain a little more of what you mean? If I have a CSGO knife why would I care about anything physical?

Because CS had physical offices and servers behind that digital knife. Lacking a physical security guarantee like the army, some armed group or nation state can simply take or destroy the physical things from CS and there goes your digital possessions too.

It's hard to imagine, but basically a state does need some level of force to be able to protect property rights. Without that you can't have much of an economy period, nevermind a digital economy.

How old are you to have spent more on digital than physical? Do you not buy furniture or tech?

Early 20s. Physical goods are worthless to me compared to digital ones. My hardware is pretty much the only physical thing I invest into because it's the portal to the digital world for me.

I'm biased but I'll say that as you age you'll value much more the physical world - a partner, children, your house, a pet. The best things in life are offline.

At one point Sun had more in cash than its market cap?