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Demand for trade is the only difference between bitcoin and a hot potato stock in a company with 0 earnings and 0 capital. In other words, in the long run, absolutely essential.

I would say that political ideology is another big difference. The early adopters of Bitcoin were largely of a certain ideological bent that made them predisposed to wanting Bitcoin to succeed. When have you ever seen this kind of behaviour around a penny stock?

I agree. many ideologues who invested in bitcoin probably had no rational theory of how money attains value to justify what they were doing. Instead, they justified it with an ideology that isn't necessarily correct.

But the thing you quoted me saying is what ultimately does provide a rational justification for bitcoin having a market price.

So basically what I'm saying is those ideologues got the right answer on their math homework, despite having made some mistakes in the calculations.

However not everybody who invested in bitcoin is a mistaken ideologue. I'm not (though I'm not anyone important, just a guy). Certainly Satoshi was not. He acutally "worked the problem correctly" and got a valid answer.

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