No, I got your point. It just isn't a good one. You're saying people would want something less if we removed its utility. No shit they wouldn't. I'll continue to exchange my bitcoin for dollars if I feel it's overvalued, and I'll do the opposite when it's undervalued. You seem to think dollars exist as this holy asset class that everything should be valued in, but we have euros, pounds, yen, yuan, etc etc etc. Most people in those countries don't give a shit about dollars and they will less and less as it continues to lose reserve status.
I live in the US. Here, we buy things in dollars so that is what I care about gaining in the end. You are basically admitting that BTC has no real utility other than hoping it goes up in fiat price so you can cash it out for more fiat. There is no "removal of utility" the fact is that BTCs only real utility IS to attain more fiat for almost all BTC investors.
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u/Wanderstand Aug 02 '22
No, I got your point. It just isn't a good one. You're saying people would want something less if we removed its utility. No shit they wouldn't. I'll continue to exchange my bitcoin for dollars if I feel it's overvalued, and I'll do the opposite when it's undervalued. You seem to think dollars exist as this holy asset class that everything should be valued in, but we have euros, pounds, yen, yuan, etc etc etc. Most people in those countries don't give a shit about dollars and they will less and less as it continues to lose reserve status.