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RE: Is it possible to find Bitcoin's intrinsic value?

in #bitcoin7 years ago

Thank you @jrcornel

A very fun exercise. Of course, you are presuming that 100% of the illegal trade is captured by bitcoin and we both know the USD isnt going to give up that market without a fight.

Value is basically a social agreement that exists between people. We agree what something is worth. At one time, people thought Cabbage Patch Dolls has a value...not it is agreed upon that they dont. The USD is agreed upon to have value mostly from its backing by the US Government which means something to a lot of people. That might not always be the case.

Bitcoin, in and of itself, has no value..just like everything else. In the end though, I think people will turn to this mechanism as a store of value.

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So you caught that, a very big presumption on my part indeed. ;) If Bitcoin were only half of that market you could cut the price prediction in half and maybe that is a better measure. As you can see, there are many variables in this "analysis". Great comment by the way!

I just love when people try to attack Bitcoin by saying that it is used for illegal activities.

What do they think this is?

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There were more drugs bought in the last week using USD than there are bitcoin in existence.

A truly stupid attack on BTC and defense of the USD.