The problem I have with your criticism is that the word intrinsic has too many definitions to be useful for communication. Even within economics it means very d

The problem I have with your criticism is that the word intrinsic has too many definitions to be useful for communication. Even within economics it means very different things when applied to companies vs. stocks vs. options. In this context, not a specific technical use, my best understanding of intrinsic would be the value of something apart from any external forces or interest (extrinsic value). The intrinsic value of gold comes from its usefulness as a material, or from its attractiveness, not from the fact that it is accepted as a means of exchange. The fact that a US Dollar is accepted by the US Government for payment of legal debts is an extrinsic factor, just as its general usefulness for exchange of goods in the market is extrinsic. Intrinsically it has as much value as any other pretty piece of paper. However I can see that there is a worthy distinction to be drawn about US dollar vs. Bitcoin in the recognition of the former by the US government and other parties. I just don't see intrinsic as the best descriptor for that quality.