"Crypto-currencies Won't Survive" - S. C. Garg

The man who chaired the Committee that presented the demonic crypto draft bill for India has though resigned from his job but he is still expressing his stance against all cryptocurrencies.

He started this year with a blog post titled:

He does have some valid points but misses the strength of blockchain based cryptocurrencies.

He does emphasizes that these crypto entreprenuer created cryptocurrencies have no intrinsic value and all investment in them is speculative. Bitcoin prices rise due to rise in speculative interest and its limited supply.

But most crypto-currencies have larger supply than demand. Therefore he says that their prices are accordingly quite low. But the question arises, why do these cryptocurrencies still have some value, whatever "little" it may be!

He states:

Incidentally, as there is no standard price of any crypto-currency, all these ‘gains’ are relative to their conversion price of an official currency. There have been wide gyrations in the “value” of even the bitcoin.

But can't this statement be stated vice-versa? Like, there is no standard price of any fiat currency and their value fluctuate widely in relation to Bitcoin ...or any other cryptocurrency.

It all depends on your perspective and in relative to what you see or evaluate value.

Nothing in this world has any value and everything has its own value. Let it be tested in the free market!