lots of types of 'value' are conjured out of thin air though and are only appraised at high values because of group consent. NFTs being the latest fad amongst a certain section of career gallerist/artworld worker should give you a pretty strong hint. objets d'art are a demonstrable category of material good which accrue phantasmal amounts of value 'from thin air', or, more precisely, about $60 bucks worth of canvas and paints (the changing economies of scale of bitcoin mining are an interesting comparison).
bitcoin isn't such a simple comparison, agreed, but crypto nerds will keep repeating the mantra until they're blue in the face that the underlying blockchain technology is revolutionary and is here to stay, etc, etc.
If they can get their money out, which they can't.
for these above people, immediate liquidity or cashing out isn't the point, anyway. they're ideological 'lifers' on the crypto/blockchain wagon. and, as i said, if you put in a modest amount (which you could afford to lose) even a couple years ago, to say nothing of being an early adaptor, then bitcoin is still one of the best 'money grows on trees' investments around. there are people driving lambos now because they took a nerdy interest in home mining in the 2010s, or because they bought 20 BTC in the early days for use on the novel shopping sites of the darkweb, etc.
ironically, again as above, the price of bitcoin only really started doing serious numbers when it was exactly 'backed up by someone', i.e. major investment funds and financial institutions that took an interest. which is the usual left hook/right hook set-up for small amateur traders using their first stocks app on their iphone to come aboard and get assfucked.
Last edited by uziq (2022-06-20 22:10:47)