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And what would you do with that number? Eat it? Wear it? Grow a plant on it? A shovel has intrinsic value. A sheet of cardboard has intrinsic value. A pair of
by dozzie 9y ago
And what would you do with that number? Eat it? Wear it? Grow a plant on it?
A shovel has intrinsic value. A sheet of cardboard has intrinsic value. A pair
of underpants has intrinsic value. Even silver, gold, and platinum have
intrinsic value, given their physical and chemical properties. Raw number,
even if timestamped, has no intrinsic value. That's the point.
- peterisza 9y agoI meant that the system has the intrinsic value, we just use that system to represent some other kind of value with its coins. However, the total value represented by the coins should reflect the amount of trust in the system, so these are not totally independent things. EDIT: Maybe you are right about this intrinsic value thing. In case the consensus is lost, gold will at least keep some of its value but Bitcoin could drop to 0 (just like dollar bills).