"... #Bitcoin is a commodity money, "digital cash system".
- https://en.wikipedia.org/wiki/Commodity_money
"Commodity money is money whose value comes from a commodity of which it is made."
The intrinsic (base) value of bitcoin is from electricity, CPU time and cryptography (math / pow).
https://en.wikipedia.org/wiki/Commodity_money "
- https://twitter.com/BitcoinFX_XBT/status/1510943103431380992
Commodity money wiki - Excerpt: "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. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, in which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation. ..."
...
"When satoshi wrote the whitepaper and launched #Bitcoin #BTC had zero dollar value.
The first exchange rates were calculated as follows ...
- https://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate
Excerpt: "Our exchange rate is calculated by dividing $1.00 by the average amount of electricity required ..." ..."
- https://twitter.com/BitcoinFX_XBT/status/1510945795255775239
...
" ... "... 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, ..." ..."
- https://twitter.com/BitcoinFX_XBT/status/1510946020640841730
...
"Excerpt: "... $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days."
- https://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate
Technically only bartering existed when satoshi released #Bitcoin to the public."
- https://twitter.com/BitcoinFX_XBT/status/1510946817227333635
...
"Arguably, bitcoins have always had a (base) "intrinsic value" as intangible commodity money, as above.
Of course, today's pricing stems from other market factors, finite supply (supply and demand) etc, etc.
Something is only ever worth what someone else is willing to exchange!"
- https://twitter.com/BitcoinFX_XBT/status/1510948619536547843
- https://en.wikipedia.org/wiki/Commodity_money
"Commodity money is money whose value comes from a commodity of which it is made."
The intrinsic (base) value of bitcoin is from electricity, CPU time and cryptography (math / pow).
https://en.wikipedia.org/wiki/Commodity_money "
- https://twitter.com/BitcoinFX_XBT/status/1510943103431380992
Commodity money wiki - Excerpt: "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. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, in which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation. ..."
...
"When satoshi wrote the whitepaper and launched #Bitcoin #BTC had zero dollar value.
The first exchange rates were calculated as follows ...
- https://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate
Excerpt: "Our exchange rate is calculated by dividing $1.00 by the average amount of electricity required ..." ..."
- https://twitter.com/BitcoinFX_XBT/status/1510945795255775239
...
" ... "... 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, ..." ..."
- https://twitter.com/BitcoinFX_XBT/status/1510946020640841730
...
"Excerpt: "... $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days."
- https://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate
Technically only bartering existed when satoshi released #Bitcoin to the public."
- https://twitter.com/BitcoinFX_XBT/status/1510946817227333635
...
"Arguably, bitcoins have always had a (base) "intrinsic value" as intangible commodity money, as above.
Of course, today's pricing stems from other market factors, finite supply (supply and demand) etc, etc.
Something is only ever worth what someone else is willing to exchange!"
- https://twitter.com/BitcoinFX_XBT/status/1510948619536547843