Quote from: witcher_sense on Today at 06:53:26 AM

Quote from: Antithesis on February 01, 2022, 03:31:46 PM

You are now just describing things. I know what gold, a picture or crude oil is. What I am asking is this. One ounce of gold, in jewelry for e.g., or watching a sunset picture, has much higher utility value than watching number "1" on the screen of a mobile phone. Because that's all the utility you get after purchasing bitcoin - you are able to watch a number on the screen. Yet, one has to pay $37,000 to for this. And only $1,800 or a couple of bucks for the former.

So, why would I pay an enormous amount of money only to get the ability to watch number "1" on the screen?

What the heck is utility value you are talking about? How do we measure this utility value and what units of measurement are there to express this utility? It is merely an ephemeral concept that doesn't make any sense at all since different people will value different things differently and that so-called value or utility value will vary significantly from one person to another. Moreover, there is no way to measure this value, it cannot be aggregated, subtracted, added, or divided. There is no reference system exist to measure the degree of utility. Even if we could measure it, it would be pointless to do that anyway because we are talking about bitcoin, which is a pure form of money. Unlike other goods, money is only useful when exchanged for something, it has no value by itself. So, money is only demanded because of its monetary use cases, and if there are other use cases such as industrial or ethical, that only distorts its functions and results in more complicated economic calculations. People buy bitcoin not because it has some questionable utility value that cannot be measured, but because bitcoin is the only money that is both decentralized and digital, money that is far superior to gold in terms of monetary characteristics.

I have a counter-question for you. Why does a loaf of bread costs less than a diamond despite the fact that a loaf of bread has a higher utility value since it allows humans to eat and survive, whereas diamonds do nothing useful to humans?

I am not interested in reasons why people buy bitcoin. Nor why they value same things differently. I am interested in something pretty simple. I see the ask price on the market, currently around $38,0000, and I am asking why should I pay that price if the only utility value I get is the ability to watch number 1 on the screen of my mobile phone. You see how simple it is? I don't care about other people. I care only about the product that costs like a brand new car. With a car I have the ability to do lot of things. With bitcoin the only ability I have is the ability to watch number on the screen. So, why should I pay the price? I am not a blind buyer and I don't buy things just because people put prices on them. I am a rational buyer and I check what I am buying. So, can you provide a rational answer?