Quote from: mobodick on January 30, 2013, 07:34:21 PM

Quote from: hazek on January 30, 2013, 07:26:32 PM

Quote from: mobodick on January 30, 2013, 07:24:19 PM

Quote from: notme on January 30, 2013, 04:41:00 PM

Quote from: xxjs on January 30, 2013, 03:22:41 PM

Quote from: hazek on January 30, 2013, 12:41:27 PM

Quote from: xxjs on January 30, 2013, 11:34:09 AM

Quote from: hazek on January 30, 2013, 10:39:48 AM

Quote from: xxjs on January 30, 2013, 01:31:19 AM

gold exchanged in barter for its intrinsic value*

*) There were probably other commodities before gold, but that is not the point here.

Specifically what was that? It looked pretty in someone's nose?

That is one example yes.

And why can't bitcoins have the same "intrinsic value"?

Bitcoins have no intrinsic value, as
1) You can not use bitcoins as wall covering
2) You can not use bitcoins to wipe your ass
3) You can not use bitcoins as ear-rings
4) You can not use bitcoins to create great electrical connectors
5) You can not use bitcoins as paperweights
6) You can not toss bitcoins to randomly select heads or tails
7) You can not throw bitcoins on somebody when you are angry
and so on.

What _can_ you use bitcoins for, other than exchange?

You might not be able to use bitcoins themselves to randomly select heads or tails, but using a specific block hash is agreed to be a good random data source that provides proof that the random number generator is not cheating for the benefit of someone else.

Also, my Casascius coins also counter 5, 6, and 7. And maybe 3 if you don't mind looking like an idiot. My bitcoin check I got free with my last order can counter 1 and 2. All that's left is electrical connectors, and Casacius makes coins that would work well for that too, I just don't have any.

The properties of 5, 6 and 7 are entirely due to the coin part. No actual bitcoins are required to get these properties. Hence it is not intrinsic to bitcoin. They are generic generic properties carried by all coin-like objects.

The value of the bitcoin system as a random number generator is marginal. For most people this does not represent any value.

Once upon a time having a shiny rock stuck up your nose wasn't either.

There is no known historical time when shiny rare stuff had no intrinsic value.
So for all practicality, humans appreciated such intrinsic value long before the shiny was used as a currency.
Bitcoin otoh is not shiny at all outside of the context of bitcoin. So without the network actually functioning it is just a pile of bits and not shiny at all.

Semantics.