Erik Voorhees
a. Scarce
b. divisible
e. cannot be counterfeited
sorry but A and B counter-argue each other.
if there is only one mona lisa.. you cannot divide mona lisa. so mona lisa is scarce/rare
but if there are 2.1quadrillion sharable units and if LN patches get their way into mainnet bips. there will be 2.1 quintillion sharable units of bitcoin
e. cannot be counterfeitted... hmm well many people were crying about the bitcoincash drama as a counterfeit. and its easy to fork a chain that uses the same address prefixes. lets not also forget the number of exchanges that syphon out real coins while letting people play around with exchange mysql balances thinking they are trading real coins..oh and the ETF's that make people think they are investing in bitcoin when infact they are just investing in shares of a company.
Peter Schiff, acknowledge that fiat was deficient but that bitcoin is not the future
1. Fiats backed (initially with gold), now with government trust.
2. Bitcoin has no intrinsic value.
3. Scarcity is arbitrary fixed
4. Bitcoin is not a reliable store of value. lacks certainty in value.
1. fiats intrinsic value backing is actually national minimum wage. and laws.. not precisely goverment trust. but more about knowing £10 $10 was about a minimum of 1 hour 20minuts of minial labour
2. bitcoins intrinsic value is mainly the mining costs.. if you quantify it.. same as gold.. if it only cost $1 to mine it. th value would be far less
what peter could have said is bitcoin has not tangible value... unlike gold
3.agreed as explained above in point A-B
4.nothing on the planet has a certainty of value. but if you brush away the hype/spculative PRICE of ATH and concentrate on the ATL(all time low) of a lengthy period. you can then (as pointed out in point 1) see that there is an underlying intrinsic value made up by the cost of obtaining it. because people are not stupid to sell it at a loss. price and value are 2 separate things