3 ms·

Are the properties and capabilities of the whole system not intrinsic? Maybe I don't quite understand the meaning of the word, but it seems to me the intrinsic

Are the properties and capabilities of the whole system not intrinsic? Maybe I don't quite understand the meaning of the word, but it seems to me the intrinsic value of gold is a result of things-you-can-do-with-it (whether that's to prevent corrosion via plating or spiritually elevate via gilding etc) - why shouldn't bitcoins value lie in things-it-can-do, namely, be arbitrarily subdivided and have control transferred to another keyholder ? Whether this is a useful thing is subjective, but they are properties baked into the thing itself. Edit: nvm I see you're making a different point, that the usefulness of a thing is not correlated to the value. But still I think demand is not entirely divorced from usefulness.

npoc 2y ago
Demand is completely linked to usefulness. What most people don't understand is that gold's primary use is as a scarce, divisible, fungible store of value. This is why it has a market cap of $18T. Not because it's shiny, or used in electronics - it's predominately because there are trillions of dollars of economic value looking for a safe place to be stored. Safe from theft by legislation (see https://thegreattaking.com https://thegreattaking.com), and safe from theft via supply inflation (see https://imgur.com/a/DG8zWbe https://imgur.com/a/DG8zWbe).