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The counter argument is that such cases contribute to scarcity, which reduces supply and therefore those who sell can demand more.

I don’t know though how sound this argument really is as I don’t see what value bitcoin has outside its monetary worth.

Can you really use this stuff? Not really. At best is a difficult to scale — if at all — database for transactions.

Though similar things could be said about paper money as well — that it is nothing but the agreed upon value — but at least that can exchange hands far more easily in a much more scalable and flexible manner.