“Value is not intrinsic; it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment.”
- Ludwig von Mises
The wisdom of the Austrian School of Economics.
When will goldbugs start to understand?
#Bitcoin
What the gold bugs mean is that gold has utility outside of a store of value. And that's true. But "intrinsic value" as your quote suggests, is a value judgment that individuals place upon a thing.
A thing has value if it has utility to people. Bitcoin has utility as a secure store of value that can't be debased. That gives it utility, and utility gives it value. How much value? How much utility, of course.
As the quote says, nothing has intrinsic value. There is no such thing.
If you talk to a gold bug like Peter Schiff, he will tell you that gold is the only store of value in his view and that #Bitcoin has no intrinsic value. And he will further try to convince you that because gold has utility in dentistry and jewelry it’s a store of value. This post is directed to these people and their fallacies.
Peter Schiff has 5% of his portfolio in gold, he's certainly not a gold bug, regardless of what he pretends on TV. He's also done more to spread bitcoin awareness than almost anyone else.
Peter Schiff is a method actor.
That’s correct, he’s got a lot more exposure to gold mining equities.
Be it Method acting or strong conviction, yesterday’s interview with Schiff and Mallers was an embarrassment for good old Pete:
https://x.com/walkeramerica/status/1833514110320804224?s=46&t=s92FxEvv3yIunJUY9UhDsQ
It's certainly not legitimate conviction. Peter is extremely smart and well educated, there is no way he actually believes that horseshit he trumpets.
also consider how much attention he would get just sitting around talking about gold. None. By being bitcoin's biggest "hater" his social media profile is amplified dramatically.
He's 100% method acting. And he's doing all Bitcoiners a great service by promoting such retarded arguments and talking about Bitcoin every chance he gets.
He's a gem.
Yes I agree, he’s doing us a tremendous favor.
