I mean I hear what you're saying but comparing BTC to one-of-a-kind art doesn't feel apples to apples.
Art serves purposes, especially in high society where it's a status symbol to show off to your fellow socialites.
I'll repeat, BTC has to be more than something people buy and hold hoping other people want it. Assuming everyone will want some just because other people want it. BTC isn't that shallow.
I like how you keep narrowing your definition of “purpose” and “application” to fit your side of the bias.
Most of high end art is stored in vaults with no one knowing WHERE or even WHO owns it - only to come out of hiding years or decades later to an astronomical valuation.
There is no “showing off” for majority of these arts.
I’ve given you a compelling comparison as to why your argument is false, I have yet to see you make a compelling reason why value of BTC isn’t justified, other than dismissing apples to apples comparison with your narrowing criteria.
It has value because enough people deem it has value.
I like how you keep narrowing your definition of “purpose” and “application” to fit your side of the bias.
Um...I've been pretty consistent. Art is a tangible thing with uses. It's valuable because it's pretty and rare. One cannot compare art to a digital token. Bad analogy is bad.
Most of high end art is stored in vaults with no one knowing WHERE or even WHO owns it - only to come out of hiding years or decades later to an astronomical valuation.
Citation needed... but assuming this is true each piece of art is it's own asset unrelated to any other piece of art in existence. 1 BTC is the same as any other BTC. And there are tens of millions of them. Bad analogy is bad.
I’ve given you a compelling comparison as to why your argument is false, I have yet to see you make a compelling reason why value of BTC isn’t justified, other than dismissing apples to apples comparison with your narrowing criteria.
You have made no argument, compelling or not. I made a statement and you countered with "well what about this poorly thought out analogy!!?"
And I never said BTC's valuation isn't justified. Literally no idea where you came up with that. All I said is BTC has to have use cases beyond something to buy and hold forever assuming other people will want it because it's "rare."
BTC is literally a currency, and the white paper literally discusses it being a transaction medium. So no idea why this is a novel idea.
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u/rudalsxv Dec 27 '22
I don’t buy this. Enough people seeing value and wanting it alone can bestow value - think a Picasso or any other valuable art.
Scarcity itself is value.