Great post! You just put 500 pages of discussion about "intrinsic value" to rest...
...BlueNote, can I ask you where you come from - is it the academic world, have you privately studied this and/or have you been investing for some time (and if yes into what if you don't mind me asking)?
Thank you. I'm not an academic, but I have followed the Austrian school generally through articles and lectures put out by the Mises Institute and such. As a long-time libertarian I have always been interested in money and alternative currencies. Bitcoin has provided an exciting challenge to those who think intently about economics and money, so I've had to wrestle with every pro and con argument that's out there relating to cryptocurrency.