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by paulgb
2967 days ago
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> If your equivalency were correct, we'd expect the issuance of new currencies to reduce the value of old ones, and so far we're not seeing much evidence of that. I'm not sure what evidence we should even be looking for here, but certainly the share of Bitcoin in the cryptocurrency markets has dropped alongside its value[1]. Anecdotally, most people I've talked to holding, say, ETH, would be holding more BTC otherwise, so it's hard to argue that the competition doesn't depress the price. As for the Hayek reference, I have some thoughts on that: https://paulbutler.org/archives/stop-dragging-hayek-into-bit... 1: https://coinmarketcap.com/charts/#dominance-percentage |
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