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They have value because they can be exchanged with others (who will probably value them according to the market price) and because they are difficult and expens
by omarforgotpwd 9y ago
They have value because they can be exchanged with others (who will probably value them according to the market price) and because they are difficult and expensive to make. Just like dollars or any other currency. But what he's saying is true, if Bitcoin did not perform any function it would have very little market value. So in a way the market value is an expression of the fact that people are finding it useful for something.
- dullgiulio 9y agoThey do. For the overwhelming majority, this something is gambling. Whether that's useful for society (especially, decentralized gambling) is open for debate.
- omarforgotpwd 9y agoGamling and speculation are certainly use cases. They're not the only use cases. Money laundering, drug sales, protecting assets against seizure, political dissent... basically anything where the Government / financial system has shut you out from the market. I say "useful" only in the sense that it clearly has uses. Even if you don't believe these activities are beneficial to society, you can still concede that they are useful in that people are using them.