Water is abundant and valuable. That doesn’t make things that are scarce valuable by default.
I just farted. It was an incredibly scarce fart, one of a kind in fact. It would be incredibly hard to capture. Does that make it valuable?
It’s not that hard to capture a fart, you just need to make the effort.
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I’ve never really given it much thought
You need to consider it more, your argument depends on it.
Not really. Even if farts were easy to capture, any particular fart would still be scarce.