To paraphrase Eric Voorhees,
Bitcoin is unfortunately the name of two things.
1) it is the name of the Bitcoin protocol, which describes how the block chain, mining, etc. works.
This protocol performs some useful functions that no other money system can currently match. (Fast cheap transfer to any where in the world, robust etc etc) The Bitcoin protocol clearly has a value, and the value comes from its utility.
2) The Bitcoin protocol has been implemented to allow transfer of a digital currency, this currency is also called Bitcoin. A Bitcoin has no intrinsic value and is commonly misuderstood to be what Bitcoin is all about.
The bitcoin protocol and bitcoins per se cannot be seperated when you talk about intrinsic value. Bitcoins cannot exist outside the protocol and the protocol has no meaning without bitcoins.
Yes.
And my question to bitcoiners is still unanswered: What can I do with bitcoin? What is its value?
In before: I can dump it on the next guy.