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You're right, that wasn't a very good argument. But the point is that saying that "it has intrinsic value" doesn't really mean anything if one cannot even give
by kgwgk 6y ago
You're right, that wasn't a very good argument.
But the point is that saying that "it has intrinsic value" doesn't really mean anything if one cannot even given an order of magnitude of what it is.
I won't say that the price of gold is directly related to its intrinsic value (there is no way to do "financial valuation" on it) but the situation with bitcoin is even worse. At least there are some industrial uses of gold that can be used to assign an objective value to an ounce of the metal.
- axxxo93 6y agoYou're right. Calculating the intrinsic value of something is hard if not impossible. However, I would argue that global network that enables P2P transfer of a scarce asset is quite valuable. Is it more valuable than gold? Maybe. Only time will tell.
- kgwgk 6y agoHow many hundreds of global networks that enable P2P transfer of scarce assets do we have by now, though?