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.
Stop this 'inherent value' BS! There is no such thing. There is no value
before these things (Water, Gold, Gold 2.0) are
used by somebody/something
external .
Peter Schiff is spreading the same BS, and most Bitcoiners have heard this BS for years.
http://www.youtube.com/watch?v=mFcTJAQ7zc4