You misunderstand the meaning of “value”.
If someone is willing to buy X for $$, X has value $$.
X doesn’t have to physically exist a priori to the sale.
You can go to a car dealership and order a very specific car. The car might not exist. When you place the order you give “value’ to something that doesn’t physically exist yet.
Another “value” example, the “Pet Rock” it was given a proposed “value” by the seller, the buyer by buying it confirmed the seller’s valuation. At that moment it had “value”, before that it was a rock of little to no value.
The Civil War financiers and later Wall Street crooks Gould & Fisk were reported to have said something to the effect, “People will buy anything all you have to do is find the right person to ask!”
I am not “misunderstanding” anything
I am just amazed people found value in this.
If your hard drive crashes, your screwed.
A perfect example. A common rock, selected for its size and appearance, was packaged in a cardboard box with a cleverly worded, amusing instruction sheet.
It sold because it offered a quick, no-thought solution for the age-old dilemma of "what shall I give Uncle Bob for Christmas" that doesn't cost much, and eliminates the potential embarrassment of a one-sided gift exchange. The "value" that the Pet Rock had was imposed by a social imperative, not by anything inherent in the product itself. The illusory "value" of the rock was enhanced by a fad situation, in other words, the unthinking herd behavior that humans are prone to.
Once Christmas was over, and the social imperative evaporated, the rock was again worthless.
Yes, one Christmas long ago, a Pet Rock was given to my mom by my dad. Everyone had a few moments of laughter, but before long, it was just another piece of clutter.
We all agreed that the value was in the instructions, and the momentary amusement that came from it. I don't think any of us read it more than once. The rock was eventually exiled to the garden, and its packaging went to the landfill.
This should serve as a warning to any herd members who think bitcoins come with any guarantee of lasting "value".