I think there's two kinds of value. A short term (definitely less than a year, medium of exchange), and long term (saving for retirement). Clearly the long term value is questionable given there is no scarcity; that would seem to be a necessary but not sufficient requirement.
So yes, you hit the nail on the head. I have pointed out the same thing before, that there is an infinite supply of crypto currency.
If you ask me, I'd prefer south sea shares for long term saving. No, just kidding, I'm a tulip bulb guy - those are at least finite.
Tulip bulbs are no better than Milo Minderbender's Egyptian cotton, but if you cover CryptoCurrency with chocolate, you can't even taste the CryptoCurrency.
> there is an infinite supply of crypto currency.
> I'm a tulip bulb guy - those are at least finite.
Surely this is exactly back to front? Tulip bulbs are part of a reproducing organism and hence theoretically infinite, whereas Bitcoin and most other cryptocurrencies have a maximum number of coins that can be mined. Sure, there's an infinite supply of cryptocurrencies but that isn't the same at all. There's also an infinite supply of printed bits of paper, modulo trees and ink, but that doesn't mean the dollar is worthless.
So yes, you hit the nail on the head. I have pointed out the same thing before, that there is an infinite supply of crypto currency.
If you ask me, I'd prefer south sea shares for long term saving. No, just kidding, I'm a tulip bulb guy - those are at least finite.