> Gold has not intrinsic value either. Nothing has to be honest.
Unless you mean something very different from the established consensus of economics when you use the term, “intrinsic value”, both of those statements are false.
Gold's intrinsic value is perhaps 10% of it's current value. You are not holding gold because you want to make jewelry, you are holding because of it's perceived value and it's scarcity.
Absolutely, I agree with you. The speculation around gold pushes significantly higher extrinsic value onto it. I'm just making a point that it has a floor of intrinsic value as well, even if that's smaller than the speculative activity.
No it has no floor that can't go away (just like it have no ceiling)
The only way to determine it's value is to see if people want to pay for it. Just because they want to pay for it right now doesn't mean they want to do it tomorrow.
And thats exactly why the idea of intrinsic value should die. It doesn't exist. There isn't an absolute floor only a market determined one .... just like with bitcoin.
Well aware of the economic term that's not the problem.
The claim was that gold have intrinsic value and bitcoin doesn't. But to the extent of discussing intrinsic value in economical terms then bitcoin does too.
In other words you can't both have your cake and eat it.
Either both bitcoin and gold has intrinsic value in economical terms or none of them have in philosophical terms.
The value of them are both based on the trust that the market will accept that value which currently for bitcoin is fluctuating very rapidly and for gold more slowly.
What it's all based on is trust whether FIAT, Gold or Bitcoin.