Comment: Lets state this in a way we can all agree

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Lets state this in a way we can all agree

Intrinsic value just means the opposite of fiat. Fiat means by decree. It only has value because government told you so.

Intrinsic means the market acting strictly voluntarily (without coercion) has decided it has value. Nor does it mean it has to be valued the same by everyone. I don't find value in lipstick but my wife does. The market has decided it has value as indicated by its price.

For me to say lipstick has no intrinsic value is as silly as someone saying bitcoin has no intrinsic value. It is very easy to see if it does. Look at the price.

There is no question that in todays climate of bail-ins, inflation, government seizing of bank accounts, and capital controls, that bitcoin has value. Look at the price. The only question you need really concern yourself with is, will it have value long term? That is something we can debate.

To which, my reply is, when counterfitting, third-party risk, and capital controls are no longer a concern then bitcoin will have no value. (Not actually true as Bitcoin has lots of other positive features, but you get the point)

On a side note. I did ask G. Ed Griffin about Bitcoin. In fact my book is dedicated to him for his decades of service. He was kind enough to review my book. As a result his mind shifted on Bitcoin considerably, although he is not an outright advocate of it yet.

Below is what he published on his website after reading my book.
You can get the book here.
http://www.amazon.com/Bitcoin-Revolution-Ending-Tyranny-eboo...

Here is his comment.
Damn... I could not find it.... He published it in his unfiltered news program. If you can find it please post it. It was along the lines of, he is not totally sold on it but finds it very interesting, and as it does not have a long history of value like gold, you should only buy with money you are willing to lose. Same conclusion as my book, although I am lot more bullish on it than he is.

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