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>A fiat currency such as bitcoin lacks that intrinsic value and is valued based on consensus. Just like a commodity then. Where does this "intrinsic value" tha

• Double_Cast 13y ago
  Uses for gold (besides trade): 1. Jewelry 2. Electronics 3. Dentistry ---- Uses for USD (besides trade): 1. Rolling in it
  • cobrausn 13y ago
    2. Making it Rain
• acdha 13y ago
  > Just like a commodity then. Where does this "intrinsic value" that you think gold has come from? Your definition of commodity is incorrect. See http://en.wikipedia.org/wiki/Commodity http://en.wikipedia.org/wiki/Commodity: “In economics, a commodity is a marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services. The exact definition of the term commodity is specifically applied to goods. It is used to describe a class of goods for which there is demand, but which is supplied without qualitative differentiation across a market.” Gold and silver meet this test because they have other uses (jewelry, industrial, dentistry, etc.) dating back throughout recorded human history. In contrast, bitcoin – like all fiat currencies – has no value except as a unit of exchange. There's nothing meaningful that you can do with them unless you find someone else willing to accept them – defunct paper currency could at least be used for kindling…