The funny thing is that Bitcoin will basically only have value as a collectible as long as substantial numbers of people believe this essay’s argument is false.
People want to collect bitcoin at current valuations because they are convinced it will become a currency/store of value of the future and hence rise in value.
If everyone suddenly switched to believing “Oh bitcoin doesn’t do anything but it is a fun collectible which also has mining costs to track ownership” its value would plummet.
People want to collect bitcoin at current valuations because they are convinced it will become a currency/store of value of the future and hence rise in value.
If everyone suddenly switched to believing “Oh bitcoin doesn’t do anything but it is a fun collectible which also has mining costs to track ownership” its value would plummet.