Quote from: cryptodevil on June 12, 2024, 09:22:29 AM

Bitcoin has value because it requires time and energy to produce.

the only reason why bitcoin has any value at all is because enough people believe or agree to it having that value. everything else is a consequence of that, including the fact that it requires energy to mine bitcoin.

someone would have to have a serious misunderstanding to think that just because something uses lots of energy to create means it is automatically valuable.

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You're mistaken in thinking that gold is any different. Just because there are areas of production that can utilise the properties of gold that is not the basis for it's initial market price. Gold has a cost of production, too. Gold miners won't sell for less than it costs them to mine it out of the ground and as those costs increase so does the price of gold. Its use in industry is just an upwards pull factor on the price against the availability of the metal for purchase, the scarecity factor is related to this pricing. The push price, that which is the fundamental basis for it's introduction onto the market in the first place is the cost borne by the miner to produce it out of the ground.

i suspect it costs some gold miners way less than market price to mine gold. so i don't necessarily think that mining price is what determines the market price of gold. it's other things.