Quote from: Miz4r on April 04, 2015, 02:34:51 PM

Quote from: Erdogan on April 04, 2015, 01:27:28 PM

Quote from: BillyBobZorton on April 04, 2015, 12:17:22 AM

Quote from: cypherdoc on January 19, 2015, 10:00:53 PM

i made a point some time ago that if Bitcoin were to become a global reserve currency, much like gold, due to maintaining the 1MB block size, all Bitcoin 2.0 projects trying to ride the MC would be eliminated due to high tx costs. in that case, the blockchain would only be applicable to Bitcoin as Money:

https://twitter.com/bramcohen/status/557287567121346560

There is no such thing as intrinsic value.

All value is subjective , as beheld in the mind of the observer.

All value is subjegated collectively through the market which reaches a consensus price.

If you do not beleive me ask a monkey what has more value - a warehouse full of gold bullion or a single bannana.

There is a thing called intrinsic value. It means that the thing has value in itself. The intrinsic value is subjective, as you stated. Most things have intrinsic value. It is only money that have value that is not intrinsic, money has exchange value. So for instance fiat money have no intrinsic value, the only value is speculation that others will exchange something for it in the future, near or far.

From this we can draw the conclusion that paper money, and bitcoin has only speculative value, gold and houses have partlty intrinsic value, partly speculative value, and most other things have only intrinsic value.

Please don't spread confusion, these concepts are really easy to understand if not clouded.

You could make the argument that intrinsic value does not exist for any good or service except its price which is a reflection of its demand and supply position and not of any inherent quality. This is the same for gold, houses, paper money and Bitcoin. All these things have no value in and of itself.

Cheezus. How is it possible to turn straightforward things into nonsense.

Intrinsic value is the use value of the thing itself. Everyone has his or her opinion of what is more valueable, that thing or another thing. It is intrinsically valuable to you if you want the thing itself. If you want money to buy a nice vacation, the moneys value is not the money itself, rather the vacation you can buy for it. So money has no value to you in itself, no intrinsic value, but it has exchange value, because you can exchange it for something of intrinsic value.