[ExI] "Crypto Coin Law" vs "Law of the Crypto Coin"?

[Gordon]

Brent Allsop <brent.allsop at canonizer.com> wrote:


> Gordon, would you also agree?


We are not discussing any possible "law of economic growth". We are talking about any possible "law" the drives the value of a particular currency, in this case bitcoin. Even if I were to grant some kind of "law" of economic growth, I would still deny any particular law that drives the price of bitcoin up. Currently the law of supply and demand is working favorably for this particular commodity, but there is no "law" that says the demand for bitcoins will increase or decrease at any particular rate in the future, regardless of economic growth.

I've compared bitcoin many times to gold, where my same arguments apply. There is also a sense in which bitcoin is like an emerging growth stock. The shares of small companies sometimes soar in value during their first few years. Does this mean there is some "law" that drives that price appreciation? Of course not.

Gordon
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