> Bitcoin is ALL market sentiment / vaporware / belief.
Sure, but if you take minute to think about it, so are iPhones.
They sell because people want them.
Supply and demand.
You are then going to tell me about utility.
I claim that:
a) utility is just another way to describe demand
b) cryptos do have utility:
- shielding wealth from govt
- shielding wealth from inflation
- shielding wealth from disgruntled spouses
- moving large quantities of wealth quickly across borders
You might or might now agree with the "morality" of these attributes, but that's neither here nor there: when it comes to economic utility, that's not really a part of the conversation.
Personally I am pulling back on the inflation claim. Im not sure that the claim that bitcoin is an inflation hedge is accurate. Or at least I haven't investigated it enough to continue advocating that claim.
I'm also not sure that bitcoin does shield wealth from government, at least in the US it doesn't. It certainly does a better job if your government is not the US. The other two claims I agree with.
To me the utility of btc is simple. It's the ability to opt into a different and codified monetary policy. That policy is collectively securitized. If I don't agree with the monetary policy of a or any government I can opt I to a system outside of that. Imo this serves as competition to centralized banking.
Sure, but if you take minute to think about it, so are iPhones.
They sell because people want them.
Supply and demand.
You are then going to tell me about utility.
I claim that:
You might or might now agree with the "morality" of these attributes, but that's neither here nor there: when it comes to economic utility, that's not really a part of the conversation.