Quote from: jag2k2 on June 05, 2013, 01:50:10 AM

Quote

Quote from: jag2k2 on June 04, 2013, 11:41:45 AM
Bitcoin cannot be counterfeited. That has intrinsic value.
Bitcoin can be stored somewhere secure AND somewhere that is convenient to access. That has intrinsic value.
Bitcoin can be easily divided down to make a smaller transaction. That has intrinsic value.

Quote from: wamatt

Those properties could be said of some now defunct cryptocurrencies too.

Or I could invent some digital bits that have those properties too. There is an infinite supply of those bits and encoding schemes, hence that does not add intrinsic value outside of a store-value ledger.

Those defunct cryptocurrencies had intrinsic value as well. If you are wondering why bitcoins have more value than other cryptocurrencies well that is a different question.

You say "had intrinsic value". Well, I respectfully do not agree once again. Intrinsic value means something inseparable from the whole or part of the property of that thing. So the private keys of "ReplicaCoin (tm)" still exist, yet they possess no value today, hence it's not intrinsic to those bits of data themselves.

The value, if any, was transient, and derived from its speculative use as a potential currency.