> Intrinsic value is a real thing. Land has it. Labour has it. Companies and machinery do. Anything that can produce useful things. And of course the useful things themselves.
These things all have value but that value is not static or independent of the context. The word intrinsic implies otherwise, which is problematic.
Valuable beach front property may become essentially worthless if the sea level rises and the area becomes flooded. Varieties of labor can become mostly irrelevant (and thus much less valuable) if technology
provides a more effective solution.
> Trust is the only thing it's based on.
People trust bitcoin as the protocol and immutability of its ledger have proven to be impressively reliable, to name a few reasons. It isn't blind trust.
Of course, it is an open question to see how this will play out in the future. But the bitcoin experiment has been quite successful so far.
> Intrinsic value is a real thing. Land has it. Labour has it. Companies and machinery do. Anything that can produce useful things. And of course the useful things themselves.
These things all have value but that value is not static or independent of the context. The word intrinsic implies otherwise, which is problematic.
Valuable beach front property may become essentially worthless if the sea level rises and the area becomes flooded. Varieties of labor can become mostly irrelevant (and thus much less valuable) if technology provides a more effective solution.
> Trust is the only thing it's based on.
People trust bitcoin as the protocol and immutability of its ledger have proven to be impressively reliable, to name a few reasons. It isn't blind trust.
Of course, it is an open question to see how this will play out in the future. But the bitcoin experiment has been quite successful so far.