I've been a holder and believer since 2012 but this is one thing where I've always disagreed with the community--not so much the ecological aspect but the value

I've been a holder and believer since 2012 but this is one thing where I've always disagreed with the community--not so much the ecological aspect but the value argument based on production. Bitcoin's overwhelmingly libertarian user base had no time for this kind of discussion because it was too close to the labor theory of value.[1] But if you work it out you can actually get a solid argument for a current "intrinsic" value, taking into account expected future returns, etc. We're starting to see this with the markets for mining contracts where the unit is (mega/giga) hashes per second. Seems to be homologous to a forward contract. But in any case the production aspect seems to have been totally ignored when it comes to valuation whereas with every other commodity--oil, corn, cotton, copper, etc.--it means everything. [1] https://en.bitcoin.it/wiki/Help:FAQ#Where_does_the_value_of_Bitcoin_stem_from.3F_What_backs_up_Bitcoin.3F https://en.bitcoin.it/wiki/Help:FAQ#Where_does_the_value_of_...