I own stocks that pay me dividends - a share of the company profits. The company manufactures tangible goods, sells them to people, and then distributes some of the profits from these sales to shareholders. The shares I own are a claim on some portion of those profits.
There are plenty of companies that pay dividends. The logic behind stock buybacks is that it achieves a similar end for investors with favorable tax treatment.
In either case I am receiving some portion of the cash flows generated by a business. These cash flows are being generated independently of any stock market activity.
So tell me what claim on an underlying asset / cash flow does a cryptocurrency entitle me to?
There are plenty of companies that pay dividends. The logic behind stock buybacks is that it achieves a similar end for investors with favorable tax treatment.
In either case I am receiving some portion of the cash flows generated by a business. These cash flows are being generated independently of any stock market activity.
So tell me what claim on an underlying asset / cash flow does a cryptocurrency entitle me to?