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RE: What gives Crypto value? A letter to potential investors.
In the long term, I think it's also worth noting that the value of a cryptocurrency will come from what you can spend it on.
So Steem's value is as at least the value of influencing what people see & post on this social network, Bitshares BTS's value is tied to the ability to quickly and liquidly buy or sell smartcoins. A lot of Bitcoin's value at the moment is that it is one of the easiest ways to exchange between the crypto and fiat worlds. And so on.
You have said a mouthful here, @misdoma, IMHO. I feel that there is a "fight to the death" coming over "official acceptance" of cryptos in many countries, and that at the end of the day, cryptos will have indefinite longevity where there is a large set of goods and services that can be bought directly with crypto coins (i.e., people do not have to cross the crypto-to-fiat bridge). Japan is one country where this process is already advanced.