Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Strawman much?
First off, I originally specifically said "Gold's monetary utility is also easily replaceable.", already taking into account that gold has other utility than just the monetary one.
Secondly, I was talking about the concept of intrinsic value in general.
Intrinsic value is based on the important needs of society.First off, I originally specifically said "Gold's monetary utility is also easily replaceable.", already taking into account that gold has other utility than just the monetary one.
Secondly, I was talking about the concept of intrinsic value in general.
Says who? Intrinsic means an inherent property of the object it's self. So for example a gold bars refraction index is an intrinsic property, it's elemental makeup is an intrinsic property. The atomic weight of it's atoms would remain the same even if there were no one around to observe it because that is an intrinsic property. But value? In order for it's value to be an intrinsic property it would need to have a consistent value even in the absence of people around to place a value upon it.
You say it's important for making electronics. You know there are people out there who do not value electronics right?
I get that you are trying to point out a distinction between more abstract reasons for valuing things vs more concrete lower order production type reasons for valuing things, but intrinsic is just not the right word for that. It just confuses people and everyone starts talking past each other.
Most of bitcoin value is based on peoples hopes of it being more valuable in the future. Greed is a very fragile pillar in my book - it goes as quickly as it comes. Far more fragile then the need of electronics in today's world to stay competitive, or even when comparing it to the tradition of jewelry, then bitcoin greed is still a fragile pillar. And it's kind of ironic to hear from a bitcoin fanatic, that electronics isn't important to everyone
And I already said that there are people who don't value electronics. In PNG there are plenty of people like that, go see how they're doing. The monetary system has one goal, and that is to allow modern economy happen. The economy creates value, the monetary system helps the economy to do so. And the best help comes from the monetary system that is most stable.