Scarcity = value only when the underlying asset is actually an asset i.e. it produces something or can be used to purchase goods & services.
Bitcoin is pure mania, it's completely worthless and enables the worst of the worst people in the world.
Bitcoin is pure mania, it's completely worthless and enables the worst of the worst people in the world.
Bitcoin does produce something.
It produces "facts" that everyone agrees on (entries on the blockchain). Facts that everyone agrees on are somewhat rare, and this provides value as these facts can be used to prove things.
Whether the value this provides justifies the current price of bitcoin is an open question (I doubt it) but anyone relying on the blockchain for keeping a record has an interest in ensuring the value of bitcoin is not zero
Exactly.
“A financial instrument that brings out the worst in people—greed—won't change the world for the better.” —I wish I never bought bitcoin; https://www.quitfacebook.org/file/greed.html.