“the value of bitcoin is entirely based on wishful thinking.”
That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. All anything is worth is what the next guy is willing to pay for it.
What’s a life worth?
—”That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. “
Disagree.
“Smith’s theory of value was very similar to the later utility theories in that Smith proclaimed that a commodity was worth whatever labor it would command in others (value in trade) or whatever labor it would “save” the self (value in use), or both. However, this “value” is subject to supply and demand at a particular time”
Works for me.
You cant create gold out of thin air. Dollars have a political body controlling the supply ( not doing a good job at but still ). Bit coin???
> That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. <
At least with a Picasso you can decorate your living room. And you can make some pretty nice jewelry with a bar of gold. The same goes with a bag of beans or a box of bullets. Those things have real-life value.
But yeah, a dollar bill and a bitcoin are pretty much hollow. They are only worth (as you said) what the next guy is willing to exchange for it.
Yep, all value is extrinsic.