Comment: But you completely miss the point

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But you completely miss the point

The "digital jewellery" aspect was valid only in the beginning. Now it has morphed into something else, something more akin to money. Because that initial demand was present in a "local" internet community it has spread in use and now become demanded for a whole other reason, like being able to send wealth to anyone, anywhere, anytime without fear of censorship or obligation to identify oneself, like being a good store of value because of it's fixed and limited supply, like being a good method for exchange because of it's frangibility, divisibility, being recognizable, being non counterfietable, highly portable, ect

I'm not saying that initial demand is what is behind it's current price no more than I would ever argue that the current price of gold is a consequences of it's demand as jewellery. Just like with gold, bitcoins right now are largely demanded for their monetary role, i.e. being the most marketable good in a certain local (albeit internet) market.

The fact that you think toilet paper could be more valuable than bitcoins given what toilet paper can do us good vs what bitcoins can do us good just shows me that you are completely ignorant of this technology. It's like saying email or http is worth less than toilet paper.