> Blockchain and Bitcoin is different than physical resources because it's so easily produced.
The whole point of PoW is that it
is not easy to produce Bitcoin --
physical goods have scarcity
enforced by nature; Bitcoin has
scarcity enforced by mathematics.
This is not true. The math in Satoshi's mining algorithm produced most of the coins for extremely low value input.
Most people are simply unaware how the supply was gathered very early on, effectively in the style of a pump and dump scheme.
To be more specific, half the supply was minted at low computational effort from 2009-2013. Mining was made easy so Satoshi could maximize ownership of the supply, hoping speculators would purchase the units for a sum surpassing the value it took to produce the coins.
Bitcoin advocates try to dismiss how easy it is to produce blockchain tokens. Satoshi could just as easily have made the algorithm produce bitcoins in limited quantities early on especially with each coin being divisible to 100000000 units each. Instead Satoshi choose a very easy way to generate the coins before other users took notice of his network.
Along with how easy it is to manipulate prices on exchanges. Exchanges will make huge profits during freefalls because they have no oversight on their order books. There's a reason the exchanges often set up shell companies and use off shore banks in jurisdictions often associated with gambling and credit card fraud.
The market is hardly user driven, it's now at the whim of which exchange can fake their order books while surviving public relations to avoid their solvency getting called out for. Take note how often exchanges have delays with customer withdraws.