Quote from: deisik on December 11, 2013, 09:10:28 AM

Quote from: johnyj on December 11, 2013, 09:06:37 AM

Many people say that bitcoin does not have intrinsic value, they typically compare it to gold and say at least you can make some jewelry using gold

Value comes from demand. If someday, people's preference changed and there is no demand for gold jewelry, then gold will not have intrinsic value anymore

Value doesn't come from demand, quite the opposite. Some value should necessarily exist before to provide. And the intrinsic value you refer to here is called utility, i.e. usefulness for achieving individual's ends. How could value be intrinsic if it changes with people's preference?

Surely value comes from demand? If I own a signed t-shirt, and 1000 people want it because the person signing it is famous, its going to be worth far more i.e. more valuable than if a nobody signed it and only they wanted it