So I think what you are saying is that Bitcoin doesn't have any inherent value in it. This I believe (to the best of my knowledge, someone correct me if I am wrong. I am also still learning) is true. Bitcoin price is simply determined by supply and demand. And like gold or silver or copper, exchanges have put a price to the scarcity of Bitcoin and the demand for it which is what determines price.
Supply and demand are concepts that refer to resources traded in the market. Bitcoin is not a resource. It's a number that you get when giving your resources to someone in order to join Nakamoto scheme. So, bitcoin has nothing to do with supply and demand. The same is true for the concept of scarcity. Only resources can be scarce. Bitcoin scarcity is an oxymoron. Bitcoin is a number. Numbers are infinite in quantity.
But Bitcoin does has a scarcity, it is capped at 21 million.
It's a number that you get when giving your resources to someone in order to join Nakamoto scheme.
Thus doesn't the value of your resources get transcribed to bitcoin. Isn't this how gold gets its value? If (hypothetically) suddenly people said gold is not useful, then its price would drop because the value of the resource (our time + energy) that we are willing to pay for it is less.
Bitcoin does NOT have scarcity because it is capped at 21 million. This is like saying that O2 molecules have scarcity because they are put in a container that by that definition can take only limited number of those molecules. In the same way Nakamoto put limited amount of numbers (21 million) in their container and gave them the name bitcoins. That doesn't make these numbers scarce, because numbers are all around us, just like O2 molecules.
P.S. You can transcribe value of one resource only to another resource. Because resources provide utility and it's is utilities of the resources what is transcribed.
Bitcoin is a number that you get next to your address, not a resource that provides utility which is why there's nothing to transcribe to.
More personal opinions and 0 facts nor arguments! So why should we act upon them?
What the fuck is your definition of scarcity? How can you say that 21 million is not scarce compared to 2281 trillion shitdollars ?
https://ycharts.com/indicators/us_currency_in_circulationWhat a stupid comparison you make with O2. There is no more Bitcoins outside of the network or anywhere else. How you compare it to putting O2 in a container??? There is more O2 out of the container. There is no more Bitcoin anywhere else! Don't make yourself look like a stupid person and learn something.
The 21 millions, if you want to compare, would be the total number of O2 molecules you could ever find anywhere. Not in a container!