And why is an ounce of gold “worth” $1800?
Value is determined by what someone is willing to pay for it.
This “debate” by banks about determining value is an academic exercise by people who will loose a bunch of money if cryptos become a standard.
It is important to listen to these lame arguments. But is also important to ask who benefits or loses from the success or failure.
See Adam Smith in #13
And no disagreement about the old cui bono question.