Quote from: Betwrong on September 27, 2021, 08:22:21 AM

Quote from: jaysabi on September 23, 2021, 06:31:40 PM

Quote from: Betwrong on September 20, 2021, 12:11:21 PM

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But now you've given an example of gold's intrinsic value- use in jewelry. The value comes from it's intrinsic properties; not people speculating on it's value, but actual use. That's not where bitcoin's value comes from, nor NFTs. In both cases, that value comes exclusively from speculation on the future value of them, based solely on a mass assumption of future worth. To differentiate, gold as a store of value is completely arbitrary, just like bitcoin. But gold still has a demand outside of store of value (the intrinsic value of gold) and bitcoin and NFTs do not. That's the difference between bitcoin and gold and why there's no difference between bitcoin and NFTs.

And this time I'm really missing your point. Didn't I show that gold is considered valuable in jewelry only because many people believe so? Now, if many people believed that possessing 1 Bitcoin was necessary for your high status, the price of BTC could rise to hundreds of thousands USD only because of that. Why? Because there are more millionaires in this world than Bitcoin max supply. Wouldn't this be an intrinsic value of Bitcoin?

No, this isn't an example of arbitrary value. Being demanded for jewelry is what gives it intrinsic value. The preference of gold in jewelry over other metals could be an arbitrary consumer preference, but the preference is the driving force no matter the reason, and that gives it intrinsic value. If gold stops being preferred over another metal or just loses cachet in general, the intrinsic value would disappear.

If having 1 bitcoin was actually a requirement for having high status, that might give it intrinsic value. But that's not the case and I don't see a reason it would ever be the case. The actual measurement of high status is wealth, no matter the form.