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> Oil is ... worth something only if you can turn it into fuel, plastic or some other product for which there is demand. Same goes for gold. You clearly don't
by maclured 6y ago
> Oil is ... worth something only if you can turn it into fuel, plastic or some other product for which there is demand. Same goes for gold.
You clearly don't understand what "intrinsic value" means if you believe this. The very fact it can be fabricated into something of value gives it some intrinsic value.
- iexplainbtc 6y ago> The very fact it can be fabricated into something of value gives it some intrinsic value. That's a plain contradiction. Oil is valuable because there is demand for products manufactured with it. In a world where there's no demand for gasoline, plastic or any other derivative of oil the "intrinsic value" of oil is zero, which proves there is no such thing as intrinsic value that isn't relative to a market. Just to be clear we're discussing commodities and not company stocks, for which there is a very specific definition of "intrinsic value", according to fundamental analysis at least. I'm pretty sure you're the one who's confused, but ok.
- dang 6y agoPlease omit personal swipes from your comments, and please don't post in the flamewar style. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- iexplainbtc 6y agoApologies @maclured. Thank you @dang!
- dang 6y agoPlease omit personal swipes from your comments, and please don't post in the flamewar style. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html