/biz/ - Business & Finance

If you think bitcoin has something called intrinsic value because it costs a lot to produce you're just parroting the Marxist labor theory of value, which is 100% proven wrong.

saying >"miners spend a lot of effort mining these bitcoin, therefore its valuable"
is just as dumb as saying
"I spent a lot of effort digging this hole, therefore its valuable"

It's "value" is only defined by one factor alone, and that's the price/asset you can trade it for.

anyone saying bitcoin or gold has an intrinsic value is wrong.