Everything has value. And value can be priced in dollars or any other accepted medium of exchange. So "value" has nothing to do with it. "Perception of value" is where the trouble starts. Here's an example: Let's say Chevrolet comes out with a new style corvette that is soooo awesome that everybody that wants one is going to make sure they get one. When production is slow and there are waiting lists it is human nature to bid the price up because demand (artificial or otherwise) dictates that you pay a premium if you want it now. 6 months later, as production is in full swing, the same corvette that initial buyers were willing to pay $10K over retail for, and stand in line to get it, are now selling for MSRP dead nut. Price was driven by "speculative" demand. So at $10K above retail new corvettes were not a good "value." The real market will ALWAYS revert towards "real" value in the end. If the boards here at steemit were filled with "doom and gloom" about how much money people were losing on their bitcoin purchases I would say that "potentially" bitcoin is a good "value." I don't see that happening now You can gauge value by sentiment. Thankfully that fact will forever be true. Most people are clueless about how to gauge value though.