[nwzpaperman]

Man's laws are higher than nature's laws? Scarcity has natural authority on its side.

[betterunix]

Scarcity is not sufficient to make something valuable. Something must be both scarce and useful to have value.

I would argue that even when gold and silver were used as money, it was because of human laws -- taxes, debt laws, torts, etc. Even wampum's use as currency was connected to authority: tribal laws and religion. Even prison cigarette trade is government by a complex code that involves gangs, guards, etc.

[nwzpaperman]

A contraire. There is a long debate over subjective vs. objective value. Your argument falls under the category of an objectivist's arguments.

A simple example of subjective theory are two identically optioned vehicles isolated to one difference:

Vehicle A: Silver Metallic Clearcoat Vehicle B: Sunny Yellow Clearcoat w/Orange Flames

Under an objectivist framework the two must sell at the exact same price because the are intrinsically identical save for the cosmetic difference.

The US Government could pass a law making bitcoin legal tender much the same as pieces of paper or the majority of circulating money that is nothing but electronic bits also.

See J. orlin grabbe's essays if you prefer to hear about it from someone else.