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People talk about the intrinsic value of gold for instance, but how is that value even intrinsic? Because we use it in electronics? We certainly didn't always use it commercially and there's no guarantee that we will forever.
Nope. All value is subjective. Intrinsic value basically means there are alternative uses for something, but those are also subjectively valuable.
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Yea, I always found that to be a weird concept.
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There is no such thing as intrinsic value, except in the limited case of a sapient being. In order for value to be intrinsic, the thing must value itself, which is only possible for a sapient being.
There are intrinsic properties, but value is always and everywhere extrinsic.
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106 sats \ 1 reply \ @jgbtc 2 Jun
I think "intrinsic value" is synonymous with "non-monetary use", at least as most people use it.
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Yes, this.
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When talking about it for money, or in monetary context, basically just replace the word mentally with "non-monetary use value." (Use value ofc being subjective and changeable — fashion/desires or technology shifting)
It's not more interesting than that
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I used to believe in intrinsic value before I read Saif’s book called principles of economics. Now I no longer believe it in.
I used to think the amount of time that went into the development of a good or service should matter but unfortunately it doesn’t.
Value is always subjective
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There’s no such thing as intrinsic value. Value is always subjective — it exists in the minds of humans. Gold isn’t valuable because of atoms; it’s valuable because people agree it serves purposes: scarcity, durability, aesthetics, conductivity, etc.
Same with Bitcoin. Its “intrinsic value” is the properties it offers — absolute scarcity, decentralization, portability, resistance to seizure. The market decides what those properties are worth.
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Yes for the first time Bitcoin PoW (electrons) since 2009
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For me intrinistic value consists of two factors: First is the demand: it is worth something because it is needed. And second is the cost of production and scarcity. (Stock to flow) Even a corn of rice has intrinistic value.
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"Intrinsic value" is an oxymoron, like "objective beauty." It's in the eye of the beholder.
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