"Most forms of money rely on physical objects to represent entries on the ledger"
You have it backwards. A ledger has value because it represents something real.
If Bitcoin is a ledger, it is useful but not scarce. I can duplicate the whole ledger many times over.
If Bitcoin is a ledger entry, it is scarce but not useful.
In either case the only appropriate market value is zero.
asourcefamiliarwiththematter / a source familiar with the matter
npub17k…mhcd0
2024-05-10 17:27:52
in reply to nevent1q…fp8j
Author Public Key
npub17k64766yhzvhk2mws356dftl35lnkthjwq34gdz9cs8va3y9aejqwmhcd0Published at
2024-05-10 17:27:52Event JSON
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"created_at": 1715362072,
"kind": 1,
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"content": "\"Most forms of money rely on physical objects to represent entries on the ledger\"\n\nYou have it backwards. A ledger has value because it represents something real.\n\nIf Bitcoin is a ledger, it is useful but not scarce. I can duplicate the whole ledger many times over.\n\nIf Bitcoin is a ledger entry, it is scarce but not useful.\n\nIn either case the only appropriate market value is zero.",
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