What you're saying is kind of true, but it lacks a fundamental understanding how what makes the Bitcoin network valuable. The first and foremost is security. S

What you're saying is kind of true, but it lacks a fundamental understanding how what makes the Bitcoin network valuable. The first and foremost is security. Security in Bitcoin is a direct function of hashpower: the higher the hashpower, the more expensive a re-organization attack is and the sooner you can 'trust' newly appended blocks. The longer one has to wait to be sure a 51% attack hasn't occurred the less valuable the network is. Secondly is scarcity. Bitcoin has a set number of coins which will exist and one of the strongest promises in the world that it will not change. This gives rational reason to hold on to Bitcoin in favor of 'objects of value' which are inflating or have the possibility of inflating. You can always bring up the fact that traders want to sell higher than they bought and will communicate nefariously if it helps them achieve that goal. That is true for any asset. The misconception in your reading is that Bitcoin only derives value expected future returns, which as I have demonstrated is not true. What can often be confusing to wrap one's head around is that the more Bitcoin is worth in terms of mining cost (dollars currently), the more security it will have; the value goes up with the price, which for many doesn't pass a certain, unsophisticated smell test regarding scams. If it sets off your alarms, refer back to where the value is coming from. You may not believe what gives Bitcoin its value is actually valuable, but, that's, just like, your opinion, man.