๐๐ฏ ๐ฆ๐น๐ค๐ฆ๐ณ๐ฑ๐ต ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ ๐ต๐ธ๐ฆ๐ญ๐ง๐ต๐ฉ ๐ค๐ฉ๐ข๐ฑ๐ต๐ฆ๐ณ ๐ฐ๐ง โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, ๐ต๐ฉ๐ฆ ๐ธ๐ฐ๐ณ๐ญ๐ฅโ๐ด ๐ง๐ช๐ณ๐ด๐ต #Ai-๐ฆ๐ฏ๐ฉ๐ข๐ฏ๐ค๐ฆ๐ฅ #Bitcoin ๐ฃ๐ฐ๐ฐ๐ฌ.
One of the most common critiques about Bitcoin is that it doesnโt have โintrinsic valueโ. This term, popularized by goldbugs who donโt know what it means, has misled many into believing that money is something other than what it actually is. Fortunately, knutsvanholm (npub1jt9โฆla9y), TheGuySwann (npub1h8nโฆrpev), and ck (npub1cf3โฆx7gk) clear up this confusion in โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, and set the record straight.
Below is Guy Swannโs answer, as written in โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ:
๐๐๐ ๐ฆ๐๐ฎ๐ป๐ปโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Money is a good or service from a central party that acts as a ledger to distribute and ensure cooperation between members of society who do not know or trust each other. Along with a number of other characteristics that make it portable, divisible, and uniform across any amount of the good itself, the ability to act as a sound monetary good is an enormous, network-based value. It is much like a language in this way.
A language doesn't have "intrinsic value" in the sense that you can use it to do something other than its intended purpose. A language is valuable because a uniform set of words that can establish and share meaning and understanding has an incredible value by itself. In this same way, many monetary goods in the past have had little or no other purpose other than to serve the role of money. While the digital monies of today, issued and controlled by banks or governments, explicitly have no value or substance in any way at all. Yet these work until they are so badly abused that their value plummets to zero, which is the true price to create more units of a fiat money.
Fiat can be understood as a *virtual* money. It is a digital point system designed to mimic the characteristics of money, but because it is centrally controlled, these characteristics don't actually exist. They are faked by the manager of the monetary system. In this context, bitcoin can be understood as the first true *digital* money: its characteristics are real and verifiable, and it has established itself on the global stage with a substantial and long lasting market. It will either continue to grow or fail based on its ability to maintain its independence, and the core characteristics of monetary goods.
Guy Swann is host of the Bitcoin Audible podcast featured in Forbes Magazineโs Top Crypto Podcasts of 2020, and CEO of One Eleven Productions. He also hosts the Shitcoin Insider and AI Unchained podcasts. He found himself engrossed in the economic experiment and technological breakthrough of Bitcoin in 2011, and hasnโt been able to pull himself away since. He has a background in networking and system administration, film and media production, and is an avid student of economics. Heโs literally read thousands of hours of works on the many disciplines around Bitcoin and has listened to even more. Heโs โread more about Bitcoin than anyone else you know!โ
Preorder your copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, and ๐๐ฎ๐๐ฒ ๐๐ฝ ๐๐ผ ๐ด๐ฌ%, by contributing to our geyser (npub1kmwโฆxqk9) initiative:
https://geyser.fund/project/spiritofsatoshi