I always find this argument silly, as I see intrinsic value in finance as a logical fallacy, but I'll entertain the idea anyway. From Wikipedia:
>In commodity money, intrinsic value can be partially or entirely due to the desirable features of the object as a medium of exchange and a store of value. Examples of such features include divisibility; easily and securely storable and transportable; scarcity; and difficulty to counterfeit.
I see Bitcoin as three things: a commodity, a 'trust-less' payment network and a distributed ledger. Now, those are all value-worthy features in my book, especially the latter two.
If you live in a bankless country without a stable currency, Bitcoin is a very powerful tool that has 'intrinsic' value in its capacity to serve your financial needs where other instruments have failed or are entirely absent. Same goes for folk stuck in countries with severe capital controls or vicious austerity measures.
If gold has "intrinsic value", so does Bitcoin. In fact, Bitcoin has more value from that perspective; since when you could you divide gold infinitely? It's also counterfeitable; Bitcoin, not so much. That's what all these clowns like Joe Weisenthal don't seem to understand because they are so caught up in their own ideas of sound money that they can't see the value that Bitcoin brings to the table. Their loss.
I always find this argument silly, as I see intrinsic value in finance as a logical fallacy, but I'll entertain the idea anyway. From Wikipedia:
>In commodity money, intrinsic value can be partially or entirely due to the desirable features of the object as a medium of exchange and a store of value. Examples of such features include divisibility; easily and securely storable and transportable; scarcity; and difficulty to counterfeit.
I see Bitcoin as three things: a commodity, a 'trust-less' payment network and a distributed ledger. Now, those are all value-worthy features in my book, especially the latter two.
If you live in a bankless country without a stable currency, Bitcoin is a very powerful tool that has 'intrinsic' value in its capacity to serve your financial needs where other instruments have failed or are entirely absent. Same goes for folk stuck in countries with severe capital controls or vicious austerity measures.
If gold has "intrinsic value", so does Bitcoin. In fact, Bitcoin has more value from that perspective; since when you could you divide gold infinitely? It's also counterfeitable; Bitcoin, not so much. That's what all these clowns like Joe Weisenthal don't seem to understand because they are so caught up in their own ideas of sound money that they can't see the value that Bitcoin brings to the table. Their loss.