Quote from: Fatman3001 on July 09, 2016, 09:51:05 AM

Quote from: angaper on July 08, 2016, 11:45:22 PM

Quote from: marcus_of_augustus on July 08, 2016, 10:39:07 PM

Quote from: European Central Bank on July 08, 2016, 09:53:14 PM

Quote from: foggyb on July 08, 2016, 09:48:21 PM

As long as bitcoin has intrinsic value (which we agree it does), the price can boom due to economic conditions, just like the precious metals.

where's the intrinsic value? i don't believe anything has intrinsic value in the great scheme of things. value's awarded and mutually agreed, it's not a concrete thing.

you're right, all value is necessarily subjective because value is a human construct that doesn't have an object existence you can prove with experimental or observational evidence.

However, Landauer's principle of information theory ensures that entropy-increasing, irreversible computations (like bitcoin's proof-of-work hashing) consume a quantifiable minimum requirement of energy. Energy is an objective, extrinsic property associated with many different tradeable commodities that are widely marketed. i.e. valuable, across the planet.

But energy is just an underlying need in all things based on computational technologies, and we have just founded this critical issue a priori, so the potential value of bitcoin was never calculated based on its energy consumption.

Basically, yes. But if you look at what he wrote and not what he meant you could say that the base of the minimum price is the cost of running a handful of RaspPi's. The myth he is attempting to promote is perpetuated by many Hero and Legendary members of the community. Sort of worrying. And a good indication of how much trust you should put in anything written here.

When you start using words like "myth" and the like, what you are really saying is "I don't have a counter for that argument".

Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.