i think "intrinsic value" is kinda bs. aside from subjectivity, in aggregate, we hold things valuable that are useful and not abundant. it really boils down to supply and demand.
i don't disagree with the idea that bitcoin is a network good tho. it offers more utility the more people adopt it, however this is logarithmic.
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I think I see what you’re trying to do now. You’re basically saying that ‘intrinsic’ value is meaningless, and if something is scarce and in demand, it will have value. If it is truly scarce and lots of people want it, it will be really valuable, maybe infinitely so.
Ok, so let’s say you’re correct. And let’s apply this to bitcoin. It’s scarce (21m) and lots of people want it. So it must always go up. And when people have it they’ll continue to want it. Why? Because other people want it, who will pay for it, because they want it. So the people who have it just have to convince others to want what they have, but not sell what they have, which will work because others want it..
Can you see the circular logic of this?