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It’s an analogy, exposing the flaw in the previous statement: > Intrinsic value is the calculated value of Bitcoin which remains $0. You ascribe no intrinsic
by ilammy 5y ago
It’s an analogy, exposing the flaw in the previous statement:
> Intrinsic value is the calculated value of Bitcoin which remains $0.
You ascribe no intrinsic value to Bitcoin arbitrarily, because from your viewpoint there is no useful applications for it. And yet, one can use Bitcoin, for example, to store data on Bitcoin blockchain permanently, or to pay miners for performing transactions – this is intrinsic value, similar to nutritional value of pickles.
- arcticbull 5y ago> You ascribe no intrinsic value to Bitcoin arbitrarily, because from your viewpoint there is no useful applications for it. And yet, one can use Bitcoin, for example, to store data on Bitcoin blockchain permanently, or to pay miners for performing transactions – this is intrinsic value, similar to nutritional value of pickles. Not because there's no applications for it - there's crime - but because the value created doesn't accrue to Bitcoin, it accrues to the miners. You cannot use, touch, look at, do anything with a Bitcoin. You can pay miners to move it. That value accrues to miners. [edit] It's like hoping your Starbucks gift cards go up in value because Starbucks sells more coffee.