i dont understand why bitcoin has to be just base on people perceive value of it. and for someone to just artrarily fix the supply of them at 21 million doesn't make any sense. it should be able to contract and expand the # of bitcoins in existence. but because bitcoin is design very simplistically it is kind of like monopoly money. not backed up by anything.
The value itself is created on the premise of decentralization and putting the financial power back in the hands of ordinary people. Isn't that value? I mean, it can be based on gold, but what's gold's value based on? Value is not something universal nor is it one thing. The beauty of it is that the social interactions and the promise of a different financial future are of value.