Comment: Actually he has. While

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Actually he has. While

Actually he has. While bitcoin (the currency) has no intrinsic value, Bitcoin (the payment network) DOES have immense utility (which is more accurate than intrinsic value). But bitcoin (the currency) is the only currency that is allowed on that network. It's for this reason that bitcoin (the currency) has value that is unlikely to go away for the foreseeable future, because it's backed by the network. If there's anything that can be called intrinsic value, it's the network aspect that provides bitcoin its intrinsic value.

This is basically what Voorhees argues.

I would argue however, that the scarcity aspect of bitcoin the currency has intrinsic value (if such exists) as well, because this scarcity has been programmed into the code and decentrally backed in order to make a code change exceptionally more difficult (no single point of failure).

Voorhees hasn't stressed above point, because he wants to demonstrate that Bitcoin has intrinsic value, even in the case the currency collapses. And as long as intrinsic value exists, it will retain a market price. So it can never go completely to 0. Just like gold.

Can bitcoin still fail and go to 0? Yes. Something would need to happen that attacks the fundamentals, which is 1. the payment network and 2. the scarcity.

Both 1. and 2. are affected if the internet goes down (though if it's not prolonged, damage will be limited) or if the encryption is hacked (much more serious, but can possibly be solved through an update). Bitcoin might still survive above scenarios, but there are many variables to that.