New vid! This one's on Bitcoin and the idea of intrinsic value.

I still hear people talking about it, so I thought it would make for a good video topic.


Another good one.

I slightly differ from the usual perspective on this though: I think the intrinsic vs subjective (= there is no "intrinsic") value point is a bit muddy, I don't think that distinction gets to the point here. The question is whether a non-monetary value needs to exist first (the regression theorem) to bootstrap the monetary value. Debatable, probably not, but I liked Satoshi's analogy of "a colourless metal that can be transferred over a telephone wire".

@waxwing I definitely agree that the regression theorem question is the more interesting of the two!

The best argument I've heard was from an older (2014-ish) journal article by Walter Block who said that this isn't applicable to Bitcoin because the regression theorem really only applies to a new money emerging from a state of barter.

My focus on intrinsic value was more for the Peter Schiff audience (and apparently Charlie Lee, who recently tried to justify BTC/LTC's intrinsic value)

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