Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor...
by tromp on Tuesday January 10, 2023 @05:42AM
(#34322880)
> there’s no chance of a big surprise quantity of BTC appearing from nowhere
Like from Satoshi's huge stash?
Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor...
by smcl on Tuesday January 10, 2023 @05:45AM
(#34322905)
Precisely - there's a chance Craig Wright's bonded courier shows up with the missing pieces that allow him to produce the key necessary to access them ;) Hence:
> there are enormous BTC “deposits” that could suddenly cause a crash if they were used
Of course that Craig Wright thing was a hastily cobbled together lie he came up with based on Back To The Future, but there's still the outside chance the real "Satoshi" could show up and do something.
You’re putting words into their mouth, they didn’t say scarcity was important at all. They said that it was compelling the supply was finite. We can only guess what they meant since the comment didn’t elaborate, but they maybe meant that if there’s known, fixed quantity of BTC in existence there’s no chance of a big surprise quantity of BTC appearing from nowhere, and causing a price crash as it is exchanged for USD (like the Spanish mining silver in South America).
Personally I’m not convinced by that - price already fluctuates wildly without this, and there are large BTC “deposits” that could suddenly cause a crash (like a few large OG Bitcoin wallets). But I don’t think doing a misread of this comment and using it lecture people on price-vs-value is very persuasive