BitCoin and other cryptocurrencies are based on the idea that, if somebody else thinks you’ve got something that’s more valuable than you think it is, they’ll give you more for it than you think it’s worth, and you’ll take the deal. This is the essence of all economics. It’s also the basis for every Ponzi scheme in history, because eventually you’ll run out of suckers who’ll willingly pay good money for something whose only value comes from having a continuing supply of suckers.
BitCoin and other cryptocurrencies are based on the idea that, if somebody else thinks you’ve got something that’s more valuable than you think it is, they’ll give you more for it than you think it’s worth, and you’ll take the deal. This is the essence of all economics. It’s also the basis for every Ponzi scheme in history, because eventually you’ll run out of suckers who’ll willingly pay good money for something whose only value comes from having a continuing supply of suckers.