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“People will pay money for it” is not a useful definition of value. People pay money for assassination or vengeance and many extremely destructive things. What

• deleted 5y ago
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• DennisP 5y ago
  In economics, value is purely subjective. If someone is willing to pay for it, then it has value to that person. To answer OP's simple question of why crypto has a high price, the economic definition is what you need. You're looking at a more absolute definition of value that has little to do with the price of things. That's a worthwhile discussion as well but has little to do with OP's question.
  • JohnFen 5y ago
    > If someone is willing to pay for it, then it has value to that person. My problem with that definition is that it's a tautology, and therefore holds little actual meaning and provides no insight. "Why is that valuable?" is not a question meaningfully answered by "because people want it". That answer only begs the question. Everything that has value to people only has value because people want it.
    • DennisP 5y ago
      Ok then skip the word "value" entirely. People are willing to pay a lot for ETH, because they're willing to pay to issue transactions on the network and that increases the price of the network's currency. That's not a tautology because it's two different things. If they were only paying for the currency, that could be just a speculative bubble. If the price is based on people paying to issue transactions, that's a price built on actual use.
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