Quote from: deisik on December 11, 2013, 10:54:51 AM

Quote from: porc on December 11, 2013, 10:42:43 AM

I never said that utility of an object is the same for each person. However everybody needs to eat and drink. Thus food and water have utility for everyone. Nobody can do anything with BTC except dump it on the next guy. It has 0 value. You will agree with me once this pyramid collapses.

I think that you really understand that your reasoning is false. If people didn't value bitcoin they wouldn't care to exchange anything for it, whether it ultimately turns out a pyramid or not. This is evident. Actually, it is more interesting now why you are still going on with this garbage here...

Yes at the moment people think that bitcoin has value (most people actually dont even think about bitcoins actual value, but only buy because the price is increasing). Thus they pay something for it (price). That does not mean that bitcoin actually HAS value. People can think that something has value even though it has no value (to a rational and sane human being). Thus something can have a HIGH PRICE despite having no value. People can be incorrect, and once they figure it out, the PRICE adjust to the objects actual utility (from the perspective of a rational and sane human being) in fullfilling human needs.

This is typical of a bubble: people think the object has enormous value and thus pay an enormous price. Once they realize that they have overestimated the objects value or that it has non at all, the price they are willing to pay collapses.

Why is that so difficult to understand?