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RE: MAX KEISER: "It's impossible to overhype Bitcoin."

in #bitcoin7 years ago (edited)

"MK: Bitcoin has intrinsic value the same way a gold mine has intrinsic value When you own Bitcoin, you own a piece of a network that, like a gold mine, has intrinsic value. Each Bitcoin costs hundreds of thousands of dollars to create. This is real, hard, value."

Max @keiserreport, I don't think this is correct.
Bitcoins do have intrinsic value, but not because they cost a lot "to create"(mine). Value comes from utility they have for their owners as a convenient and easily transferable storage of wealth and a payment tool.
Take Steem for example, it costs almost nothing to "create", as there is no electricity wasting "mining" in Steem blockchain, so by the faulty logic above it does not have intrinsic value, unlike Bitcoin, which is false.
Value of Crypto-currencies come from their UTILITY, not cost of creation.

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