Riddle me this...
Rule No. 1 - Value Is SubjectiveRule No. 1 - Value Is Subjective
Through trade, two people are assumed to value the other thing more than what they have in their possession. It is a positive sum game, two peoples' desires meeting. Effectively it is Demand. Therefore the Supply is the desire to trade something away. Supply = Demand.
So the fixed 2.1 quadrillion bitcoin, doesn't make it valuable. [1]
I'm working my way through Cryptoeconomics by Eric Voskuil. Page. By. Page. It's a slog, but I am finding it to be as detailed and rational as any other Economic writing I've tried in the past. I like how it is based on deductive reasoning.
It attacks my hopium at every level, on every read, but it will make me understand Bitcoin a whole lot better afterwards.
This is a worthy pursuit for sure. Hope you keep posting as your hopium gets challenged -- the more common reaction is cope and denial.
Since when are there 2.1 quadrillion Bitcoin? It's Satoshis.
it's all just bitcoin bud
Only leads to confusion in my eyes.
"So the fixed 2.1 quadrillion bitcoin, doesn't make it valuable."
This is what's called a non-sequitur.
Yes and no.
Supply for Bitcoin represents how much is distributed.
It will still exist even if there's no demand for it. To give you an example, cancer cells or stardust from light years away that cannot be put to market.
Supply to market doesn't necessarily mean both parties are willing buyers or sellers. I can force you to "supply" me Bitcoin with a $5 wrench
Fixed quantity of something doesn't necessarily make it more valuable, this I wouldn't agree as well.
It's a matter of what it is and what does being limited mean to its subjective value proposition and objective functionality.
For Bitcoin it's quite a fundermental element.