Re:Ending Bitcoin Support
by andybak on Tuesday January 23, 2018 @02:33PM
(#16216753)
> Gold as a metal has an inherent value though.
The price of gold isn't really related to it's use in electronics however.
> The value associated with bitcoin seems purely sentimental.
Scarcity is a factor. Admittedly not all things that are scarce are valuable but it's a necessary precondition.
There are other examples of items that lack inherent utility but have value and they too are often used to store wealth: art, antiques etc. spring to mind.
If everyone decided tomorrow that Ming Vases were rubbish they would cease to be valuable. That's surely as "sentimental" as Bitcoin - value based on scarcity and consensus.
The price of gold isn't really related to it's use in electronics however.
> The value associated with bitcoin seems purely sentimental.
Scarcity is a factor. Admittedly not all things that are scarce are valuable but it's a necessary precondition.
There are other examples of items that lack inherent utility but have value and they too are often used to store wealth: art, antiques etc. spring to mind.
If everyone decided tomorrow that Ming Vases were rubbish they would cease to be valuable. That's surely as "sentimental" as Bitcoin - value based on scarcity and consensus.