Debunking Charles Hoskinson's claims about bitcoin scarcity
In a controversial video, ex-Ethereum CEO Charles Hoskinson asserts that bitcoin is merely a digital asset whose claim to absolute scarcity can also be made by altcoins. Of course, he would have us believe that his current project, Cardano, is as credibly scarce as bitcoin but this argument is fallacious. Repeating a tired, years-old argument that bitcoin can’t be scarce because there are altcoins, Hoskinson argues that its ‘digital gold’ quality is unremarkable. First, the historical record defeats the argument For over a decade — except for a few minutes during an XRP bubble — Bitcoin has reigned as the world’s largest Crypto currency. Over the years, competitors have created millions of altcoins, and almost all of them have claim ed a capped or deflationary supply. Yet, despite all of these competitors, for reasons that Hoskinson fails to understand, the world consistently values bitcoin’s scarcity considerably higher than that of any altcoin . ...