I don’t think we actually disagree friend. I think you think I used the wrong word. Which I may have. I perfectly agree all value is subjective. And when you say there is no such thing as “intrinsic value”, if what you mean is that there is no thing which has the same value to everyone. (Being a value ‘intrinsic’ to its existence ) Then I agree with that as well. I used intrinsic only to make a distinction between that value that comes from a thing being a thing itself from the value that you can get from a thing as a transaction. It’s my read that when people say BTC has no intrinsic value, their criticism is that there is no reason it’s price is what it is, it is only manifest by the hopium of the bitcoiners. And I think the rebuttal argument, that “fiat is the same” misses the opportunity to point out actual relative benefits which would explain why someone would trade dollars for btc because the “intrinsic” properties of bitcoin as money are advantageous to the “intrinsic” properties of fiat as money.