What most bitcoiners really get wrong

#1: Bitcoin is valuable, because it's scarce (the 21m narrative).

#2: Hodl, but dont spend. << it's a corrolary to #1

Pure scarcity means nothing. My nose hair is a scarcity, yet it's still worthless.

What matters is Demand (=use case), in relation is to (limited) supply (=scarcity). If people do not use Bitcoin, or if the next best alternative serves the purpose just as well, then the scarcity itself is just irrelevant.

The single most important propertiy of Bitcoin is its censorship resistance. Its ability to make transactions that THEY dont want you do make.