Quote from: porc on December 11, 2013, 11:02:55 AM

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

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.

Anything has value only as long as people are thinking it as having that value which depends on its utility, i.e usefulness. The reasons for valuation may vary (water vs alcohol, bitcoin vs dollar), but the grounds however different they may be or seem to be invariably produce the same scale of estimation within human mind... There is no valuation beyond subjective valuation by people. To say that "people may think something has value even though it has no value" is equal to saying that there is intrinsic value in things (logical necessity) existing beyond an individual's assessment of utility, whereas there is none actually...