Replying to Avatar Secretary Janet Yellen

I don't think #Bitcoin is scarce, I know it is absolute digital scarcity. That's massive difference.

When Satoshi created Bitcoin, he discovered digital scarcity. This event of discovery can't be recreated again because it's a binary thing.

Whoever tried to recreate it, created just another clone, a shirtcoin. Thousands of people tried, all of them failed. Yes, shirtcoins can be scarce but none of them can ever become the absolute digital scarcity that was discovered a decade ago.
Avatar
a source familiar with the matter 2y ago

What makes it scarce? Social convention to select this ledger rather than that one?

Because I can take the code and create a new ledger, which has all the same properties. The only difference is people are already using this ledger instead of that. Which is also the argument for the US dollar...

Reply to this note

Please Login to reply.

Discussion

Avatar
Secretary Janet Yellen 2y ago

Read my note again, please. The event of discovery makes it different.

If you don't know how it can be scarce, create your own #Bitcoin and try to send me a few #sats. Unless you'll send a part of the scarce 21M, my wallet will refuse it as a counterfeit.