Bitcoin, like other cryptocurrencies is not made from linking to any materials, so can it not be produced infinitely?
The US dollar $$ used to be backed by gold, not the case since the 60’s. However, the dollar, like pound and other national coin currencies, have physicalities of paper/metal/plastic, and histories of being linked with materials like gold, silver, etc.
Cryptocurrencies do have a physicality as well. The physical elements of coins such as Dash, Bitcoin, Litecoin and others, are a history of electricity usage and numbers. The numbers are made by an algorithm which runs on computers looking for a specific kind of numbers – hence using electricity a fair bit.
The interesting thing here for the question of infinity is the physicality of numbers.
Why do I think so? Numbers do not = infinity! In fact infinity is to demote stuff which isn’t numbers. We can not count all the even numbers, so lets call it an even infinity – and so on.
Sure. However, lets bring in banach-tarski paradox, ok?
Why not some other paradox?
Because the banach tarski paradox works Only in the realm of numbers. It allows seemingly infinite additions of copies from the same element. Like having a ball, dividing it and putting it back together in a way that: 1. leaves elements of the original ball unused. And 2. allows using the unused elements to create a new ball. Hence, mathematically, we get 2 or more balls out of a single ball, using the same numbers as in the “original” ball.
Perhaps. But since it operates in mathematical realities, and cryptocurrencies are numbers only – maybe we can make scarcity unviable in cryptocurrencies?
But we want scarcity to make the currency have real value, no?