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> Consider the attraction of bitcoin and the like. People are [...] are willing to try a virtual currency backed by nothing, so long as they believe that its su
by quchen 13y ago
> Consider the attraction of bitcoin and the like. People are [...] are willing to try a virtual currency backed by nothing, so long as they believe that its supply will remain relatively stable
Well, Bitcoin may not be backed by anything, but neither is gold.
- robertskmiles 13y agoWell, gold does have actual value for its industrial and aesthetic applications.
- quchen 13y agoGold's value, like anything else, is (only) that people are interested in trading it. The reason for that can be manifold, as you mentioned there may be other uses for the material. But then, Bitcoin also has some of these properties: you may not be able to wear it around your finger, but you can display your digital wealth online quite easily, which may not be so far-fetched in an age that seems to move everything online. What I meant to say was "as soon as you declare Bitcoin having no intrinsic value, you'll introduce premises that will make it hard to attribute anything else such a value without a no-end argument".