The Instrinsic Value of Crypto and Its Unstoppability
I've got to say that the people like Peter Schiff that argues gold has intrinsic value just because it can be used for something else, like jewelry and in electronic products, kind of miss the point of crypto. The other argument people use as a negative is that it's a shame that people can just spin up new cryptos out of thin air.
The intrinsic value of crypto is all about the technology allowing peer to peer transfer without a middle man and of course smart contract functionality. Crypto is also a building block that can be used in creating software, kind of like gold can be used in electronics. I think we will see more and more software with crypto tech, as it enables exciting functionality. As for digital worlds, i.e the metaverse, I believe crypto is a requirement for an open and secure metaverse.
Also, that progammers can spin up new cryptos in minutes (creating something original is of course more time consuming) helps liberate the technology making it more unstoppable. Let's say some government entity or hacker group or someone else figures out a way and decides to stop some cryptos to some extent, or make them very inconvenient, new ones will pop up quickly.
From an investing point of view; People are spinning up new companies for people to invest in on stock markets all over the world, all the time as well.
Exactly what coins will go up in price making people the most money is not of importance compared with the intrinsic value of crypto in software and its unstoppability. Of course, those features are also why some coins will go up in price over time as they gain adoption.
Any thoughts on this point of view?