Jeff Swann's avatar
Jeff Swann 1 year ago
Don't let him get away with the "intrinsitc value" nonsense. Austrians are supposed to know that value is subjective & ordinal. Non-monetary use was only needed to bootstrap gold's network effect, after that non-monetary uses can really only hurt the stock to flow & get in the way of the function of money.

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Jeff Swann's avatar
Jeff Swann 1 year ago
The way I understand it is that subjective value is a function of knowing what the thing can do. I have to know how to make use of crude oil or it might have a negative value to me, like it did for everyone for thousands of years. Knowing how to use bitcoin (in the most basic sense) is a prerequisite to valuing it as a tool for savings or as a formof money. The knowledge required to value anything is not guaranteed & it is not connected to the thing itself, so there is no intrinsic value.