Well gold derives it's main intrinsic value from it's efficacy as a medium of exchange - as a money. But to keep it simple, most commodities have an obvious intrinsic value. Lumber can be used to build houses and furniture, grain can be used as food, and oil for energy and a variety of industrial purposes.
For the loaves example, bread's intrinsic value is obviously as a food source.
Yeah, but we are discussing the economic value of goods and not its utility. Your example is consistent, but it not demonstrate that intrinsic (economic) value are absolute for two identical loaf of breads.
So it doesn't matter what the input costs were for both loaves of bread. If both loaves are indistinguishable when finished then they have the same intrinsic value as a source of food.
Of course it matter, we are discussing economy here.
Our definitions of intrinsic value are clearly different and we'll have to agree to disagree.
On another subject Bitcoin certainly has some unique values
- Largest global digital payment system capable of operating even if the current financial system seizes up.
- Decentralised, verifiable unit of account which removes the need to trust banks/governments/3rd Parties.
- Currently cheapest form of international remittance.
I'm sure there's a few more.
