I have a question about the value of owning cryptos. The main arguments for owning them is:
1. there's a finite amount
2. the ability to move money outside of banking
3. profiting off their rise
4. to usher in a cashless society
Note: everyone buying cryptos today only have one reason for owning them, #3
My question:
What makes each of the 4,001 cryptos so different from each other?
If you changed the name of all 4,001 to 'bitcoin', how many crypto digits would there be in existence? Trillions...10's of trillions?
Aren't the other cryptos just copies of the same blockchain, with slight variations? All do basically the same thing, move currency around.
Comparing gold, there's a guesstimate of say 10 billion ounces in existence in the world. So which is more rare? Cryptos that are copied over and over and over, or gold that can't be copied with a supply that grows very slowly?
There is about enough gold in the world for every person on earth (7.8 billion) can only own just over 1 ounce. With cryptos, every person on earth can own an infinite amount eventually, as the supply can grow to the moon.