Quote from: kiba on June 12, 2011, 05:44:14 PM

Quote from: flug on June 12, 2011, 05:41:34 PM

I posted this topic after reading this article:

http://www.hightechforum.org/bitcoins-a-crypto-geek-ponzi-scheme/

It concludes with the question "Can Bitcoin Survive After the Bubble Bursts?"

I was looking for some reasons on why there's more to Bitcoin than merely some speculative bubble that might someday burst; what is the intrinsic value within the Bitcoin currency that will stop it going to zero?

Personally, I think the sheer time and energy focussed on and invested in Bitcoin in mining and trading produces that intrinsic value, which forms a valid base for its value as a medium of exchange.

You're talking nonsense, kiddo. Bitcoin doesn't get its value from bitcoin mining, but from supply and demand. Bitcoin mining is just a security system.

The intrinsic value of bitcoin (if there is such a thing) is that bitcoin is a secure global distributed timestamp network of transactions. Mining is just an integral part of the security and global coherence system.