Classical/Marxist Labor Theory of Value: value is proportional to the amount of labor needed to produce a good.

Labor theory of value leads to many paradoxes.

If LToV is true, why do exchanges occur at all?

Why would one party give more value for less? And if the value is exactly equal, why bother?

Instead economists discovered Subjective Theory of Value: value is assigned by the individual based on the use to which he can put a good.

So I trade A for B because I value A more highly than B, while my trading partner disagrees and values B more highly than A.

And, we can both be right! We have different needs and priorities and A might really be more useful to me than B, and B might really be more useful to my trading partner than A.

So why have Bitcoiners created an Energy Theory of Value, in which value is proportional to the amount of energy needed to produce a good?

Instead, labor & energy are constraints on supply and subjective use determines demand (and in the long run supply as well).

But what is Bitcoin useful for? Only passing on to the next fellow. And what does he want it for? Only passing on to the next fellow. So if you ever run out of fellows you can have a collapse at any time.

In contrast gold is useful even if you can't trade it, which creates the conditions for certainty that you will be able to trade it.