The value of anything is subjective. Ask 1000 different people what they think a bitcoin is worth and get 1000 different answers. You see to some people Bitcoin is worth zero because they either dont care about it or dont want to use it or maybe even know anything about it. To some people bitcoin is very valuable. It would depend on who you are asking. Everything is only worth what someone else will pay for it. There is no such thing as absolute value. To some people gold and diamonds are just shiny rocks. What is the dollar value you would put on love or a friendship? What is your pet dog or cat worth? What is your time worth? What is your car worth? These questions all have very different answers depending on who you are talking to because value is subjective not objective.
It is mind blowing how you people are poorly educated. The value is NOT subjective. The value of a thing is its ability to provide some utility. The utility of an engine is its ability to perform function - to convert one form of energy into mechanical energy. Now, is the ability to convert energy subjective? Of course, not. That is why if you ask 1000 different people whether a car engine can convert energy you won't get 1000 different answers.
The utility of a heart is its ability to pump blood to the organs and tissues of your body that need the oxygen and nutrients it carries. Now, is this ability subjective? Of course, not.
The utility of fiat money is its ability to provide its owner with assets of the banks or with property of borrowers. And this is also not subjective but legally enforceable, formally recorded in the balance sheets of the banks, and confirmed every time when a borrower if forced to give his property, goods or services to fiat money owners in order to get funds for his loan payments.
Bitcoin on the other hand has no utility, as it is just a byte in a memory.
Don't hurt your mind to much thinking about it. What is really amusing to me is that even though elitist like you have wasted a lot of their life learning facts in higher education they still need poorly educated people like me to school you on what value is.
If "the value of a thing is it's ability to provide some utility" and value is not subjective please tell me what makes a painting or artwork valuable. Why is some art worth nothing and some paintings are worth a million dollars?
Do you really think everyone on this planet values their heart exactly the same even as a utility? There are people on this earth that have some serious problems and are in traumatic consent pain they can only pray and hope that their heart gives out so they may die because that's what they want.
Is an engines sole purpose to convert energy into mechanical energy? Are there not old steam, airplane, and motorcycle engines in museums on display strictly for their design and aesthetic features? Value is always a utility? Is everyone's time worth exactly the same? Is everyone's love and friendship the same?
I don't think the question here is does the heart pump blood or an engine make mechanical power. Of corse it does. Are these things utilities, yes and they are also other things besides utilities. What I am saying here is the value of those things are different to different people and value is subjective not objective. An elitist such as yourself tries to tell people what the value of something is. The truth is you have no say in what is valuable to me or in my life and vice versa.
Values of things are subjective and do not have set prices in which they are worth the same all the time. Even circumstance can make the same item two different prices to the same person.
Bitcoin is worth zero? I'm sorry but this thing you say is worth nothing can buy my airplane ticket to travel across the country so to me it has some value. What you are saying just isn't good enough.
Things need to be utilities for them to have value? Honestly I don't even believe you believe that. I think you are just trying to talk yourself into your weird way of thinking. I'm glad you spent a lot of your time and money going to higher education to learn how to make a simple chart to explain to others the way you think is better then the way they think. I'm happy for you. You have the world figured out. But in all honesty I don't think anyone here really cares and if I were you I'd go get my money back from that fancy college if that's as much critical thinking that they are teaching nowadays.
You do not seem to sure of yourself. Keep trying though, this is a strong subject for such a weak mind.
You haven't schooled me, you just repeated the same nonsense I already refuted.
Painting is valuable because it provides a perceptual experience of satisfaction or pleasure. Pleasure is a mental state that humans experience as positive, enjoyable, or worth seeking. Or put simply, pleasure is a human need, it drives us, the way hunger does or fear. That is why painting is valuable - its inherent properties are able to satisfy human needs. Now, the degree to which something is experienced as pleasurable, together with someone's wealth, determine how much someone is willing to pay for it. Thus, value is objective since it is inherent to a picture, while price is subjective since it is inherent to a person.
Inherent property of a dollar is its claim status, which can ultimately provide its holder with goods, services or property of borrowers. And it is this inherent property what makes dollar valuable.
Even a rock, due to its inherent property of hardness, is valuable - it can be used as a weapon and save human life in some circumstances. In that case, a person might pay a million dollars for it.
But, can for e.g. a particle which comprises a rock be used to save human life? No. Can it be used to satisfy other human needs? No. That is why this particle is valueless. Simply put, its inherent properties cannot provide utility to people. The same is true for Bitcoin. It is a number, it is an abstract mathematical object, it is mere byte in a memory whose inherent properties cannot provide utility to people. That is why it is valueless.
Value is based on belief it is not objective. Belief and value are both subjective.
What you are telling me and everyone here is the only reason anyone buys a painting or the only emotion a painting gives is pleasure.. You really think anyone is buying that garbage? The degree to which something is pleasurable is also different among people. Two people may look at the same painting and feel differently about it. It is not only the paint and canvas that can give objective value to a painting it is the emotion behind it. Sometimes that emotion is pleasure but not all the time. Sometimes that emotion is a wide range of other emotions. One person may see a painting and get pleasure from it and another may see the same painting and not get pleasure from it. It does not convey the same emotion to everyone. It is subjective. Art is subjective, and the value of art is subjective. It's not that hard to understand.
Why is a $5 bill worth 5 times more then a $1 bill? A $5 bill isn't 5 times bigger. It doesn't have 5 times more ink on it. What is the reason it is worth 5 times more? If you get everyone to believe that it is worth 5 times more then it is true. Just because something is legally enforceable or true does not mean it is right.
"Even a rock, due to its inherent property of hardness, is valuable - it can be used as a weapon and save human life in some circumstances. In that case, a person might pay a million dollars for it.." This is about the smartest thing you will probably ever say. I'd think about this for a while if I were you.
Here is where your logic breaks down though. A particle of a rock is not a rock. A rock is a lot of rock particles put together that make a rock. These are two different things. Is a particle of a human a human? No you need a lot of different particles put together to make a human.
Who are you to tell anyone what the value of a rock particle is anyway? That is something for individuals to decide for themselves. You do not speak for everyone when you say what is valuable for human needs you speak for yourself. Maybe this rock particle came from the moon, or a far away planet. Maybe it's value to someone is something more then it's inherent hardness. This is where your elitist attitude fails. You have no say in what two people find value in. If two people want to trade something between each other that has no value to you or human kind why would you even care? It's none of your business in the first place.
I'll break it down in the stupidest way I can. Hopefully you will be able to understand. Person A draws a number 1 on a piece of paper and Person B draws a number 3 on a piece of paper. Person A and person B like each others number better and want to trade these pieces of paper with each other and they are both happy with that. You being elitist person C have no business telling person A and B what they can do, trade between each other or find value in. This fact right here destroys pretty much everything you are saying.
By your own words you say email has value because it contains information about some aspect of reality. The blockchain holds this same type of information. The blockchain is a record of truth.
Even rock particles have some value for the simple fact they exist. Anything that exists can be traded between two people and can be a utility.
The more time that passes the more people will start to find more use from cryptocurrency. Each time this happens it will add more value to it and what you are saying will become less creditable.
