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One Coin co-founder sentenced to 20 years and fined $300 million (www.theblock.co)

submitted 11 months ago by [email protected] to c/[email protected]

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x-posted from /r/CryptoCurrency by /u/kirtash93

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[–] Chais 1 points 11 months ago (1 children)

In reality, unlike legitimate cryptocurrencies, OneCoin had no actual value […]

Come again? What actual value does e.g. Bitcoin have?

[–] [email protected] 1 points 11 months ago* (last edited 11 months ago)

Value is what a person believes something is worth in combination with what someone is willing to pay or exchange for that something.

Bitcoin has value because people buy, sell and trade it.

Why does the dollar have value? It hasn't been backed with gold for years. People use dollars, so it has value'ish.

The impact of scarcity is much higher for BTC where as the rules of scarcity do not apply to USD. The value of the USD is manipulated by the government and printed non-stop.