NYC is getting its own city coin in line with the incoming mayor's crypto hub vision

[Bernardo de La Paz]

27. They are NOT mined to "create" scarcity. They ARE scarce, mathematically

The mining does not make them scarce. Bitcoins are scarce and have to be found by computations, which has been figuratively termed "mining". There is a limit of 21,000,000 bitcoins, mathematically. Period. Mining them fills in the 2,000,000 approximately that have not yet been found. Increasing supply does not drive up price or demand: basic high school economics.

Mining diamonds does not make them scarce. Diamonds are scarce and have to be found by digging holes in the ground or alluvial mining. Mining them does the exact opposite of creating scarcity. Find something and it is thus less scarce because there is now more of it. Increasing the supply does not drive up demand for and price of diamonds.

It is illogical to think that mining bitcoin or diamonds "creates scarcity". It would be a good time for you to stop talking about basic things, like supply and demand and blockchains, that your posts in this thread have not yet shown any understanding of.


Take your gold and diamonds to the bank and they won't give you real tender. So by your logic that makes them worthless, for the same reason you feel bitcoins are worthless. Give your diamonds and gold to me.