Quote from: arcmetal on Today at 10:37:16 AM

Quote from: ObscurePen on Today at 08:00:07 AM

So I think what you are saying is that Bitcoin doesn't have any inherent value in it. This I believe (to the best of my knowledge, someone correct me if I am wrong. I am also still learning) is true. Bitcoin price is simply determined by supply and demand. And like gold or silver or copper, exchanges have put a price to the scarcity of Bitcoin and the demand for it which is what determines price.

Your second comment is correct in the sense that a collection of people in a market of bitcoin, trading, determines bitcoin's price, but the part I have bolded is, I am afraid, a bit incorrect.

Bitcoin does have inherent value. As I was just explaining to someone (someone that just asked me about bitcoin, even though I have stopped telling people about it, I'll still reply to questions if someone asks). Among its many inherent values there is one that seems very interesting and it may be one of those properties that first alerted people to something new going on here.

I explained it this way: ... So, you have used computers. You know about directories and files (text files, jpegs, pngs, executables, etc). You know that you can make copies of these files. You can make as many copies as you want of these files. This is a piece of electronic data, and anyone can make as many copies of this data as you want, so they have some, although little value, individually. ... One thing that the blockchain technology produces is a way to make unique pieces of data. Once you send someone a small piece of bitcoin, no one, not even you can send someone else a copy of that same piece of bitcoin.

So here we have for the first time in the history of computers (as far as I know), in the history of electronic data, a technology that can produce unique, uncopyable, pieces of electronic data.

This is one of the, among many, inherent values of bitcoin.

Let's now test your theory. What can bitcoin holders do with those "inherent values" if no one wants to trade their values for bitcoin? Obviously, if something has value, that those who hold that value must be able to utilize it. So, how can the bitcoin holders utilize bitcoins if nobody wants to buy bitcoins?