Quote from: macsga on September 12, 2015, 04:51:44 AM

There actually IS an "internal" value inside every bitcoin and it's the amount of resources (computers/miners/electricity) to build its block. As time goes by, the aforementioned "value" will rise because the difficulty to build one will be greater and the block reward will be halved.

By that argument, anything that required lots of resources to build, and cannot be easily replicated, should be worth as much as those resources, and gain value with time. But there are many obvious counter-examples to this claim. There are many old abandoned buildings that cost millions to build, may cost even more to build today, but now have negative value -- namely, the land is worth less with them on it than without them.

Quote

you fail to understand what would it take for somebody to use something as a currency. The keyword is "trust".

I know that quite well. (It is one of the two two only things that I managed to learn in my Economics course in grad school.) But trust is not physical, it is a state of mind. Physically, you could in theory change the mind of all 1 million bitcoin holders, so that they would lose their trust and taste of bitcoin, with a rather modest expenditure of energy -- much less than what you need today to mine one bitcoin. The difficult part, in practice, is getting that energy applied to the right synapses in their brains...

(The right words and images could perhaps do the trick; but trolling is still not a science, just a crude art... Grin

)