Intrinsic value of Bitcoin and Gold

[bassbity]

Do we need everything to be of intrinsic value? While we really like bitcoin, before you know it, I don't think we care either intrinsic or extrinsic. because in the beginning we did something based on our love for bitcoin. so we didn't pay attention to quantitative judgments in the green eyes. we will continue to work on it. That was before the drivers shifted the position and advantage of bitcoin.

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1715009266

[Artemis3]

The value of things is subjective. If its useful (or cute/cool) to you at that particular moment, you value it, if not, you don't.

Very simple: diamond in your pocket vs water in the Sahara desert. What good is a diamond when you are about to get dehydrated?

Reason people buy something its because they find it useful for their needs (or taste) at that given moment. The balance of those who think so and those who don't, is reflected in the market.

And yes this is more or less what the austrian school of economy teaches, the rest is nonsense. Time will set things straight.

The features of Bitcoin makes it valuable to a group of people, everyday growing more. They buy it and keep it. There is another group who thinks it doesn't have a future, they sell. The correlation of both is reflected in the market. Care to guess which side is winning? And why is that? The features of Bitcoin cannot change overnight by executive decree, this is one reason, but there are many more. Some people understand it, some don't, again, this gets reflected in the market.

So, stop wasting your time looking at the other schools of economy, they got it wrong, they don't look at history seriously like the austrians did. Time will set things straight sooner or later. Yeah, "intrinsic/extrinsic" is garbage, throw those concepts out.

[NeverSop]

Everything that can be bought / sold, supply / demand has intrinsic value, whether it is a symbolic form, physical or emotional, or spiritual( bitcoin, gold).  Intrinsic of bitcoin in terms of academics:
1. Pulling friction (the driving force due to the needs of each person)
2. Historical origin.

[XZERO1]

yeah , but if gold collapses ,you still have something in your hand.
Better than a seed of 24 words and a Ledger nano S .

That should not matter at all, you just said that if gold collapses, so why does it make a difference if you have for instance 1 pound of gold that is worth nothing in comparison to a couple of bitcoins that have no value?

If you could imagine a future that world crisis reached to a point that there is zero internet connection to work with which is extremely unlikely, I could agree with the statement that gold could be worth more than Bitcoin, but in any other cases I don't see how Gold could have any advantage over Bitcoin in terms of use case or its value for the person, specially when you consider the fact how it is easier to exchange Bitcoin comparing to exchanging your Gold, the only thing you need to make a transaction with bitcoin is just internet and that's it, and this pandemic sort of reminded everyone what is the benefit in using crypto instead of using traditional banking system.

[JaanusRaim]

Although Bitcoin might achieve more value in the short run, it is guaranteed to be worthless someday. Maybe not today, maybe not tomorrow, and may not for centuries, but eventually, it will be worthless, and we can’t predict when that will be. Gold will continue to have value unless something very unexpected happens.

Yes, bitcoin is relatively fragile. Therefore not suitable holding really loooong time (centuries).

[Zilon]

 

Do we need everything to be of intrinsic value? While we really like bitcoin, before you know it, I don't think we care either intrinsic or extrinsic. because in the beginning we did something based on our love for bitcoin. so we didn't pay attention to quantitative judgments in the green eyes. we will continue to work on it. That was before the drivers shifted the position and advantage of bitcoin.

I am not even bothered if Bitcoin has no intrinsic value so far there is a rewarding value (extrinsic) I get my full satisfaction. If we demand an intrinsic value for Bitcoin then we are actually demanding a centralized involvement and a regulatory governing body forfeiting it's intended objective.

Come to think of it it's government agency that attributes value to commodities. If there is an intrinsic value then the peer-to-peer network would have to be forfieted.
Any one with a contrary opinion?