> The important thing to remember is that cost of mining BTC (plus an inconvenience and risk premium, which may be quite large) for the marginal person looking

> The important thing to remember is that cost of mining BTC (plus an inconvenience and risk premium, which may be quite large) for the marginal person looking to acquire it is the ceiling on BTC value. Unlike what TFA claims there is no intrinsic value in a bitcoin but its value is 100% what someone will pay for it...like all goods coincidently. I think what they're doing is falling into the cost-of-production theory of value trap. > Just because something was made at a certain energy cost doesn't mean you have the ability to exchange it for any quantity of energy, never mind an equivalent quantity of energy at higher energy prices. Which just goes to show it has no intrinsic value.