Quote from: deisik on December 09, 2013, 04:08:53 PM

Quote from: porc on December 09, 2013, 03:35:07 PM

Bitcoin is valuable because???

Say why you think Bitcoin has value!!

Bitcoin is valuable (or has value, if such form suits you better) to those people who find the properties inherent to it useful for the achievement of their aims. These are security, deflationary nature, fixed supply and limited number of coins ultimately possible to mine. Probably, there are some other properties that contribute to its subjective valuation by people, but these will suffice. Once you get the hang how things actually work with respect to valuation, everything will become clear and easily comprehensible...

"who find properties inherent to it useful for the achievement of their aims."

Well obviously people believe (aims?) that bitcoin can be a 1) medium of exchange and 2) store of value.

I have already established why both of these functions require! certain properties to be present, that bitcoin does not have.

1) Any widespread media of exchange that ever existed, always had inherent value (something). The reason for this is that people will only exchange something for something. NOBDODY! wants to exchange something for nothing. Bitcoin has no inherent value (examples of inherent value: water thirst, food hunger, house shelter, gold, art decoration/pretty/ industry). Thus bitcoin has already failed in this aspect.

2) If nobody wants to exchange something for nothing (bitcoin), bitcoin cant be a store of value.

"To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved." WIKI

Bitcoin is not useful now and therefore wont be useful in future. Thus it fails to meet the requirements of a store of value as well.

Again you have not made an argument against my position.

Now right now people pay for Bitcoin because they think it will go up in price. This might be the case, but it will revert to its inherent value: 0.