> Gold is valuable because it takes effort to find, mine and refine. Other way around, people spend effort to find, mine and refine gold precisely because it's

> Gold is valuable because it takes effort to find, mine and refine. Other way around, people spend effort to find, mine and refine gold precisely because it's subjectively valuable. That's always been the ironic thing to me about Bitcoin, is that by establishing that people can attach subjective value to things (like computer bits), it proves that fiat currencies can work too precisely because subjective value exists. Likewise I doubt Bitcoin would ever fall all the way to $0, simply because there will always been enough believers "holding the bag" and trying to loop people into the "Internet funbux" club to maintain the value at some low (but non-zero) level.