Bitcoin Forum

We just published our 3rd video of the series "Bitcon For Dummies". In each episode we try to explain in just few minutes a common myth or misconception about Bitcoin.
 

• The first one "Finally a simple answer of what is Bitcoin!" - https://www.youtube.com/watch?v=cWYVktImeTk
• The second "Is Bitcoin a Ponzi?" - https://www.youtube.com/watch?v=kImBgWDgIlA
• And the 3rd, just released "Does Bitcoin have an intrinsic value?" - https://www.youtube.com/watch?v=2R3Zg1KL_KE

Only the first 2 got over 55 000 views in just few weeks.

If you know someone that was trying to understand where the bitcoin value comes from, just send him the video, we will do the rest :)
If you want to support the project just share the video, that's enough!


p.s.
we are also looking for ideas what we should explain in the 4th video?

I don't see why people get so hung up on whether something has intrinsic value or not. It doesn't really matter at all. Many things don't have intrinsic worth but are still valuable.

I don't think the coins do themselves, but the intrinsic value lies in the protocol/network.

I hate the intrinsic value controversy because nobody can agree on what "intrinsic value" means, so there is really no point in discussing it.

Anyway in my view there is no such thing as intrinsic value. All value is completely subjective, therefore it can never be intrinsic.

"Intrinsic value" is relative to the situation. If you're drowning in a lake, a bottle of water will have zero intrinsic value. If you're dying of thirst in a desert, that same bottle of water has a very high intrinsic value.

Yes but I believe most people look for intrinsic value in every day life, since you aren't drowning in a lake all the time every day.

It's funny how the term "intrinsic value" comes up more often lately.
I just know it as a philosophical term and remember how a (philosophy) professor at university said something like: "Philosophers argue about if the intrinsic value of a seed is becoming a tree"
Maybe I missed another meaning, but I think "intrinsic value" is just a bad term in this context.

That is not how "intrinsic value" is used.

This right here. Value is ALWAYS subjective. Why is a Ferrari worth more than a moped? Because it has a provably higher value? No. Because people are willing to pay more for it.

Value is always changing because the market determines what something is worth (it's the median between what people will sell for and what people will buy for).

No? Then how is it used. The example I gave is a perfect example. If you want to relate it to the current topic, then silver can also be used as a currency, and at the same time it has other intrinsic value. A lot of it is used in electronics and photography. But if I did not manufacture any electronics, then it would be useless to me in that aspect, but nevertheless it still has the characteristics of a being a good electrical conductor. Likewise, if I wasn't in the medical field, then I wouldn't care for the antiseptic properties of silver. So even though silver has all these intrinsic values, it could still be worthless, depending on the situation.

http://en.wikipedia.org/wiki/Intrinsic_value_(ethics)

If the value depends on the situation, it is not intrinsic.

The irony in this thread is hilarious; maybe you should rename it "Bitcoin for Philosophers".  :D


Nice video though.

Then in that case, give me an example of an intrinsic value with undisputed high value in every situation. The "value" of it must be equal in every situation.

If you go back to the example I gave you for silver, its intrinsic value is that it's a great semiconductor, and great for antiseptics. However, these properties will not be useful in every situation, but these properties are still inherent no matter the situation. These are still intrinsic value, but will vary depending on the situation.

I think, we are going in the wrong direction here.
Like I said before, I just know the term "intrinsic value" in a philosophical way. I never heard or read some using it in any other context. I am not a philosopher, I read some philosophical books and took some philosophical courses at university, but that is it. If you have ever heard of constructivism you might realise there is nothing undisputed in the philosophical world.
So, my question is, is there another use of this term in maybe the financial markets/economics?

Guys and what about the video that this thread is actually about?  ???
https://www.youtube.com/watch?v=2R3Zg1KL_KE

So, I finally watched the video(youtube is blocked at work)
I still disagree with the use of the word "intrinsic value" and the video made that clear. If you don't see being a tool for trade as an intrinsic value, than you can not see crossing borders, can not be counterfeited, etc. as intrinsic values, since this things are just useful, when you use Bitcoins as a tool of trade.

Intristic value is not only a physical asset, it can be a service. Bitcoin is superb service providing transfer of ownership, therefore it has an intristic value.

Moreover, transfer of ownership in the world is an ever increasing in volume, so there is no fear that it can be redundant.

I just now skimmed the wiki link you posted. You used the term intrinsic value relating to ethics, so I think that's the wrong context. We might be debating some totally different concepts, as I don't think we're on the same page.

We're talking about finance not philosophy here

http://en.wikipedia.org/wiki/Intrinsic_value_(finance)

w rare metal money you have to think of the time when coins were minted w specie.  If the King mints a $100 gold coin using $50 (market price) of gold, the intrinsic value is $50 & the extrinsic value is $50

Oh, thank you. I somehow managed to don't find that myself on Wikipedia.

so philosophical, much intrinsic
And what about the video? :)

I guess nobody really saw it?

We just started the auction for our 4th video:
https://bitcointalk.org/index.php?topic=636070.new#new

If someone is interested to advertise via product placement, bid now.