Subnostr

In response to the criticism that #bitcoin has no intrinsic value, I see bitcoiners embrace the premise and say in response that US fiat has no intrinsic value. I think this is a mistake and here is why: What would you rather have $20 dollars worth of apples or $20 US fiat dollars. Unless you are in the market for apples right now and you aren’t delusional, your answer is $20 fiat, why? Because apples rot faster than the inflation rate. Apples are harder to carry than the paper bill. Apples are harder to trade than the paper bill in barter because not everyone wants your apples. They are both worth $20 but you would prefer the fiat than the apples. This is the intrinsic value of any “money” and it is true for most fiats.

The intrinsic value of a shovel is how it helps you dig faster than without one, and all the other things you can do with a shovel.

You exchange dollars for a shovel when you get more value from the shovel than you do for the dollars. (You don’t have a shovel and you need to dig a hole.) The store exchanges a shovel for dollars when they get more value from the dollars than they do the shovel. (They have many shovels and no holes to dig.)

Now let’s do BTC. Would you rather have $20,000 in fiat or Bitcoin. $20,000 fiat “rots” faster than #BTC both as physical paper and value (from inflation). It’s easier to carry $20,000 in BTC than in fiat, (It’s more secure, and requires fewer pockets.) Finally and especially online it’s easier to transact BTC for goods and services than it is to exchange dollars. I can zap you, you can zap me. It’s takes no effort or time across space and a zap is very cheap, compared with shipping dollars or paying an intermediary. Also BTC is more divisible than fiat currency so it can be used more precisely. This is the intrinsic value of Bitcoin as a money. And this is why you should prefer it to the same value in a fiat currency or apples.

So the next time someone tells you BTC has no intrinsic value. Don’t just accept the premise. #bitcoin has an intrinsic value as money and it is greater than fiat money.

*Zap this note to donate to my daughters Cub Scout den*

https://www.trails-end.com/store/scout/LME9E079?share=1FV0R3ZU

#plebchain #nostr

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Discussion

424ad77e... 2y ago

Like where your headed but, I have to disagree.

Everything you listed was utility value.

I'd argue that there is no such thing as intrinsic value.

The reason for this is that all value is subjective.

I think the reason we all get confused about this is because we tend to think cardinality, but value can only be measured ordinaly.

In other words, we don't value things as 4.2utils vs 6.1utils vs 9utils, we instead, value things as first, second, and third.