Re: Regression theorem & Bitcoin revisited

Its intrinsic value it how much it is worth to you without the wow environment.

Wrong.

That wow character doesn't exist by itself. It only exists when "alive" within the wow game with all it's properties.

Same goes for bitcoins, there's no such thing as just bitcoins. Bitcoins only exist within the whole package, the blockchain, the peer to peer network, the mining, ect.. the whole shabang.

By now i'm just going to blatantly ask you (to prevent us from debating different definitions of the word):
How do you define the word intrinsic in the context of valuing?

How do you define it?

I asked first but anyway.
I define it as the value you assign to something when you can only trade it for nothing.
It is the value something is assigned to when not having its price modulated by trade.

Ok, and how does mining bitcoins when only a small group of programmers ran Bitcoin back in 2009 and 2010 not fit that definition? They weren't trading those bitcoins for anything and yet they were actively spending labor to acquire them. Are you going to tell me they didn't see some sort of value in them even though they couldn't trade them for nothing?

How do you define Intrinsic in an economic context?