⭐ Merited by Last of the V8s (1)
You may dislike me, you may disagree with me, you may condemn meyou may even decide that you hate me. But we both agree that Bitcoin has value; and Bitcoin itself is absolutely unbiased between us. *snip*
There are actually people who think that bitcoin "has no value"; and one of the most famous people who thinks that, well, we all know the dude:
The good thing though, is that it doesn't matter that he thinks! The market decided(via supply and demand) that the current price is $8100(as we speak), so it doesn't matter if he thinks bitcoin has no value! It's one of the beauties of open markets.
With that said, you should create a Medium account lol.
Arguably, bitcoin has always had a value - as Bitcoin is/was a value proposition from the moment of inception.
- https://en.wikipedia.org/wiki/Value_proposition
"A value proposition is a promise of value to be delivered, communicated, and acknowledged."
The actual production costs of bitcoin have always included the price of an internet connection, metered electricity, computer equipment and perhaps (factored) depreciation of said computer equipment.
The above is what provided the very first bitcoin exchange rates in 2009, formulas to calculate actual cost or intrinsic value ...
- https://en.wikipedia.org/wiki/Cost
"In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore..."
- https://en.wikipedia.org/wiki/Intrinsic_value_(finance)
"In finance, intrinsic value or fundamental value is the "true, inherent, and essential value" of an asset independent of its market value..."
- http://newlibertystandard.wikifoundry.com/page/Exchange+Rate
"... The exchange rate is the average of the adjusted bitcoin production per day divided by the average production costs per day. The per day averages start with the previous day and will eventually extend back 365 days, but until then, they increase by half a day each day by taking the average of two averages. Production costs consist of the price of broadband Internet and metered electricity. The adjusted bitcoin production is the following spreadsheet calculation =if(M2>N2,((B2+F2)/2)*(1/(3-((N2/M2)*2))),((B2+F2)/2)*(3-((M2/N2)*2))) where M2 is the available balance of dollars times the exchange rate of that same day, N2 is the available balance of bitcoins, B2 is the amount of bitcoins produced the previous day and F2 is the average of the adjusted bitcoin production per day..."
http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate
"During 2009 my exchange rate was calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days..."
...
Many early adopters, myself included, suffered great opportunity cost in regards to enthusiastically helping to bootstrap the Bitcoin (value) network.
- https://en.wikipedia.org/wiki/Opportunity_cost
"When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice..."
- https://en.wikipedia.org/wiki/Value_network
"A value network is a business analysis description that graphically illustrates social and technical resources within and between an organization and how they are utilized. The nodes in a value network represent people (or roles)..."
Hence, There ain't no such thing as a free lunch ...
- https://en.wikipedia.org/wiki/There_ain't_no_such_thing_as_a_free_lunch
Scarcity value and Price discovery contribute more towards bitcoins actual value today of course.
- https://en.wikipedia.org/wiki/Scarcity_value
"Scarcity value is the economic factor that increases an item's relative price based upon artificially low supply..."
- https://en.wikipedia.org/wiki/Price_discovery
"The price discovery process (also called price discovery mechanism) is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers..."
Bitcoin is by definition the true digital form of Commodity money.
- https://en.wikipedia.org/wiki/Commodity_money
"Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods..."
Also see: Kaei "Branch money" ...
- https://en.wikipedia.org/wiki/Japanese_currency
...
As for the OP: Bitcoin: The Social Phenomenon - I found the following to be very enlightening ...
- https://en.wikipedia.org/wiki/Social_phenomenon
"Social phenomena include all behavior that influences or is influenced by organisms sufficiently alive to respond to one another. [citation needed]
There is also internet phenomenon" ...
- https://en.wikipedia.org/wiki/Internet_phenomenon
(Redirected from Internet phenomenon) ...
- https://en.wikipedia.org/wiki/Internet_meme
The original Bitcoin / Satoshi meme of course being ... "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
...
We all live and learn! Pizzas "and" haircuts aside ...
- https://web.archive.org/web/20100114172032/http://www.bitcoin.org/node/1
...
Philomena Cunk Money "Moments of Wonder."
- https://youtu.be/Z-YKw8w-e50