{"id":236,"date":"2014-06-05T04:02:00","date_gmt":"2014-06-05T04:02:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/you-say-bitcoin-has-no-intrinsic-value\/"},"modified":"2014-06-05T04:02:00","modified_gmt":"2014-06-05T04:02:00","slug":"you-say-bitcoin-has-no-intrinsic-value","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html","title":{"rendered":"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!"},"content":{"rendered":"
\n<\/a><\/div>\n

\n
Intrinsic Value Defined:<\/h3>\n
\n<\/div>\n
\n(BitcoinMagazine<\/a>) Let\u2019s agree what the term \u201cIntrinsic Value\u201d means. For this article
\nwe will use the common Wikipedia entry for the intrinsic theory of
\nvalue. This is found at: http:\/\/en.wikipedia.org\/wiki\/Intrinsic_theory_of_value<\/a><\/div>\n
\n<\/div>\n
\n

\nAn intrinsic
\n theory of value (also called theory of objective value) is any theory
\nof value in economics which holds that the value of an object, good or
\nservice, is intrinsic or contained in the item itself. Most such
\ntheories look to the process of producing an item, and the costs
\ninvolved in that process, as a measure of the item\u2019s intrinsic value.<\/b><\/i><\/h4>\n<\/blockquote>\n
\n<\/div>\n
\nWhat are some properties contained in the bitcoin<\/a> itself?  What are
\nthe properties that make it valuable?  Some pundits like Warren Buffett
\nseem to remain stuck in the belief that only things you can touch, feel,
\n and see can be intrinsically valuable.<\/div>\n
\n<\/div>\n
\nSo now let\u2019s talk about the properties that are found in bitcoin that
\nare unique or ground-breaking. These properties did not exist before
\nbitcoin. Some people would rightly point out that many of these
\nproperties can be duplicated. There is, however, one extremely important
\n factor that separates bitcoin from any other digital coins on the
\nhorizon: the protective shell created by the network that prevents it
\nfrom being hacked or commandeered<\/div>\n
\n<\/div>\n

\nBitcoin intrinsic value properties:<\/h2>\n
\n<\/div>\n
    \n
  1. It transcends nations, politics, religions, cultures and regulations.<\/b>
    \n These vary from country to country in ways that may seem bizarre to
    \npopulations out of its own borders. While one may believe that
    \ngovernments always have their best interests at heart, it may be wise to
    \n see that knife cuts both ways. Some drugs are banned in certain states
    \nor countries that are allowed in others. Bibles are banned from purchase
    \n is some countries. Religion, custom, dogma, superstitions prevent
    \nvarious purchases based on man-made borders that continually shift over
    \ntime. These policies tend to be created by limited segments of
    \npopulations that can be self-serving.  If one happens to be included in
    \nthe \u201ccorrect\u201d political party, race, religion, items can be purchased or
    \n outlawed. It\u2019s all opinion.<\/li>\n<\/ol>\n
    \n<\/div>\n
    \nThe US government bans online gambling.
    \nIs this a moral decision? Many of the same governments think it morally
    \nacceptable to hold their own state-lotteries. The lotteries hold
    \nsignificantly worse odds and tends to target those in the community that
    \n are the least educated and most susceptible to poverty, alcohol abuse,
    \nand have a generally poor understanding of mathematical probability<\/a>.
    \n Many have gone on to say that lotteries are simply \u201ca tax on people bad
    \n at math\u201d. Many argue that this is a double standard of governments
    \nwhich prevents them from taking the moral high ground.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n2.    It requires no trust.<\/b> (in
    \n the short term). It can\u2019t be counterfeit. There is a record of who owns
    \n it (by wallet id) and its validity is publicly known. It requires no
    \ncentral clearing house. With any other currency, one must trust the
    \ngovernment from which it is issued will continue to maintain its value
    \nby not \u201coverprinting\u201d to pay for its own mismanagement. You can send it
    \nglobally without having to trust anybody. This is not true with any
    \nstate issued country, bank, credit card company, or anybody else.
    \nVolatility and long-term trust is still building, but when one transacts
    \n in bitcoin, nobody gets in-between sender and receiver unless agreed
    \nbeforehand. It\u2019s permission-less.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n3.    It can be transparent.<\/b>
    \n By making wallet IDs public, one can track the flow of money through
    \nother transparent wallets. You cannot do that with any other currency.
    \nYou can use this feature to do things like monitor your children\u2019s use.
    \nThis can make obsolete entire industries that are built solely on the
    \nfact that money can be hidden, disguised, cheated, etc. These can also
    \nhappen to bitcoin, but pressure can be applied by the people to make it
    \ntransparent and accountable when needed. Auditors may insist on it for
    \ncompliance.  The list of possibilities of this intrinsically valuable
    \nfeature can scarcely be imagined.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n4.    It can be programmable.<\/b>
    \n Plans for product layers on top of bitcoin to further its use to become
    \n spendable based on contracts that can be programmed to complete with
    \nbuilt in variables, or be valid to purchase only certain items.  Insist
    \nyour college bound kid buys books and not beer for example. Or based on
    \nGPS in a cell phone,  you could send your kids off shopping and it could
    \n be programmed to be spendable only in certain stores.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n5.    It can require multi-signatures.<\/b>
    \n Wallets containing the currency can be set to only unlock with more
    \nthan one signing key. This will leave hackers and thieves frustrated.
    \nTry doing that with your grandpa\u2019s money. It is an intrinsic piece of
    \nbitcoin technology.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n6.   It can be spent over the internet without a bank account, credit report, identification, and pre-permissions<\/b>.
    \n Prepaid credit cards can do some of these functions, but only to
    \nlocations and countries that accept credit cards. This list of locations
    \n in countries outside of the US is actually decreasing with the amount
    \nof fraud in the networks. Technically, the only item limiting of bitcoin
    \n is the merchant\u2019s acceptance of it. Given the natural law of least
    \nresistance, these limitations could erode as more merchants around the
    \nworld realize the potential savings. The network effect will continue to
    \n work its magic.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n7.    It can store irrevocable and time stamped records of transactions<\/b>.
    \n  Absolute clarity of events and their corresponding order is available
    \nin the block chain. Proof of ownership and purchase can be established
    \nwithout a third party. The trusted and reliable distributed ledger
    \ncannot reasonably be altered (barring a massive scale network attack
    \nwhich becomes less likely as the network grows).<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n8.    It allows you to keep your identity from being stolen.<\/b>  Bitcoin
    \n is nobody\u2019s debt. Paying with bitcoin isn\u2019t a \u201cpromise to pay\u201d. It is
    \npayment in full. This could potentially reduces fraud related expenses
    \non massive scale. http:\/\/www.statisticbrain.com\/credit-card-fraud-statistics\/<\/a> There
    \n is no need for a merchant to get bank information or any other kind of
    \npersonal information that can be later used in identity theft.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n9.    It allows movement across borders.<\/b>
    \n It can defeat government issued capital controls. The same governments
    \ntry to hold their own citizens \u201chostage\u201d monetarily by outlawing
    \nmovement of money outside its own borders. Ask any citizen from any
    \ncountry ravaged by hyperinflation if this is important. Could it be
    \npossible that it might ever     become important<\/a>
    \n in the USA? If you can foresee the day people will be clamoring to get
    \nout of the US dollar, where do you think they are going to go? Ask
    \nArgentina.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n10.     The same wallet can be used anywhere in the world with a connection to the internet.<\/b>
    \n As the money exists on the global ledger, all you need is the key. This
    \n can be memorized, or written on any piece of paper \u2013 even confined
    \ninside a     microdot<\/a>
    \nthe size of the period that ends this sentence. Some old time gold bugs
    \nsay you can\u2019t bribe the border guards with bitcoin like you can gold. In
    \n the future, border guards will have cellphones and internet access too.
    \n We aren\u2019t living in the 1960s Vietnam or before any longer.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n11.    It can move independently of banking rules, laws, and restrictions.<\/b>
    \n The people in the USA may think this unimportant in their bubble view
    \nof the world, but is this also true of the 150 or so currencies and     countries with terrible track records<\/a>?
    \n Which other currency enjoys this property? Will enough of the world
    \noutside of the US believe it to be so? Is it hard to imagine the
    \nproperties of bitcoin being intrinsically valued by populations
    \nsubjected to terrible economic policies?  It only takes a billion people
    \n in India fed up with corruption to want an escape mechanism out of the
    \ncontrol of the system. At that point, they won\u2019t give a hoot about what
    \nsome American pundit said on \u201cbubble vision\u201d about intrinsic value.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n12.    It can be used to resist corruption.<\/b>
    \n If the citizens stand up united and demand a transparent government,
    \nthey can use bitcoin to follow the money in the same way governments use
    \n powers at their disposal for surveillance on their own populations. In
    \ntoday\u2019s world money corrupts. In tomorrow\u2019s maybe it will become
    \nvice-versa. Let\u2019s see if     86% of the world<\/a> agrees that any tool that makes less opportunity for corruption is valuable.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n13.    It can be made to settle contracts without other parties.<\/b>
    \n You can program it to settle contracts based on certain events such as
    \ndate, proof of ownership, death, or a host of other factors that can be
    \nvalidated programmatically without a third party to validate if the
    \nconditions were met. It can be used as a record keeping asset tag, and
    \nproof of ownership. Ownership of the private key to the bitcoin is by
    \ndefinition, the owner. In addition, it can be the source record of
    \nownership for property title, copyrights, and intellectual property that
    \n transcends borders and locally interpreted laws.  In effect, the
    \nrecords become the de-facto \u201csingle source of truth\u201d. The currency
    \nitself is globally accessible proof of ownership. Can these functions
    \nand properties be reasonably argued to be valuable beyond the currency
    \nitself?<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n14.    There are no age requirements.<\/b>
    \n Paying for items in a global world requires bank accounts. Bank
    \naccounts are legal properties that can only be established with those of
    \n legal age (18 in most locations). There is no minimum age requirement
    \nto pay for items globally using bitcoin. How many people under 18 have
    \ncell phones, AND need to spend money with no credit card. Smart
    \nbusinesses have started to recognize this intrinsically valuable
    \npotential.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n15.    It is more difficult to be used as surveillance.<\/b>
    \n The main attributes of money are often quoted these days, but one
    \nattribute is rarely mentioned. Money has become surveillance. As people
    \ncontinue to learn of the horrors of the NSA and other government efforts
    \n to spy on every aspect of their lives, it only takes one person drunk
    \nwith power to make all the well-intention sounding policies reverse into
    \n shocking horror. One government required Jews to register themselves
    \nfor easy identification, which was then used to \u201cdispose\u201d of them.<\/div>\n
    \n<\/div>\n
    \nNow one\u2019s religion, race, gender,
    \nnational origin, political party, age, place of work, address, and much
    \nmore can be determined by how and where one spends their money. To those
    \n who think they have nothing to worry about because they are not doing
    \nanything wrong, might ask themselves, what did the Jews have to fear
    \nduring the time they were self-registering?  They also were not
    \n(generally) doing anything wrong. That\u2019s only one example in a history
    \nlittered with them. Is the ability to obscure one\u2019s spending habits
    \nintrinsically valuable? Is it possible to imagine how much of the
    \npopulation of the world would think it is?<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n16.   Bitcoin as money bandwidth.<\/b>
    \n If one were to transfer value between large companies or nations, much
    \nof the world has discovered bitcoin to be a very efficient payment
    \nnetwork to do this. If bitcoin was thought of as envelopes to be stuffed
    \n with dollars or other currencies for transport, only the size of the
    \nenvelope itself that contains the dollars inside would be the limiting
    \nfactor. To increase the ability and usefulness of this feature, the
    \nenvelopes represented in bitcoin price will have to inflate enormously
    \nto take on that load. The Federal Reserve<\/a> and former Vice Presidents<\/a> have caught on.  So has smart Venture Capitalist firms that have a knack for being one step ahead of everybody else.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n17.    It can be the basis of a new eco system.<\/b> Right now entire new ecosystems<\/a>
    \n are being built up around the new currency (in use, if not government
    \nrecognition).  Gold towns sprang up into eco-systems but crashed when
    \nthe gold veins ran dry. We know exactly how deep the bitcoin well can go
    \n and the rate at which it will be found. What other modern day
    \necosystems are being built because of the intrinsic values of a
    \ncurrency?<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n18.    It can upend centuries-old money monopolies.<\/b>  The strangleholds on monetary policy continue to be held by relatively few extremely wealthy families<\/a>
    \n for centuries.  Bitcoin has the possibility to change the paradigm
    \ncompletely. These banks will likely find ways to maintain their power
    \nand wealth and there is nothing preventing them from moving into digital
    \n currencies to maintain it.  However, which other currency has the
    \npossibility to change the dynamic? Many in the world will likely place
    \nmuch value in the paradigm shift that is possible. When was the last
    \ntime a monetary unit threatened to rewrite the rules from the ground up?<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n19.    Democratization of money.<\/b> An explosive report<\/a>
    \n from a whistleblower from the World Bank reports that all networked
    \nbanking infrastructure throughout the entire world can be traced back to
    \n 12 people who make decisions at the privately controlled US Federal
    \nReserve bank.  Consensus driven, public records, and democratization of
    \nmoney made possible by bitcoin, might change the rules.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n20.    Gives the unbanked population access to banking features they might not otherwise enjoy.<\/b> As the much smaller digital currency M-Pesa proved,<\/a>
    \n the poverty riddled villages with no access to banking were able to
    \nlift themselves out of poverty with simple abilities to pay suppliers
    \nand start businesses. With the cross border scale and usability of
    \nbitcoin, imagine the same results x 1,000. Are there any national
    \ncurrencies up to this task?<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n21.    It can be extremely hard to steal<\/b>.<\/b>
    \n Muggers of the future will be at a loss for what to do with the bitcoin
    \n they can\u2019t take from your wallet or purse.  That money will be no good
    \nto them without the private keys to spend it. There likely will no
    \nlonger be credit cards there was well. Could robbery itself become
    \nobsolete? Hackers will soon have a difficult time stealing money from
    \nmulti-signature wallets.<\/div>\n
    \n<\/div>\n
    \n<\/div>\n
    \n22.    It represents economic freedom.<\/b>
    \n Because of all of the reasons stated above, it might as well be called
    \nthe currency of freedom. Dictators will hate it. Totalitarian
    \ngovernments will hate it in proportion equal to the amount of     corruption the government enjoys<\/a>.
    \n The worst countries for freedom believe that  money exist primarily to
    \nserve the country and personal ownership of it is just an illusion they
    \ncan confiscate at will. Banks technically own it as soon it\u2019s deposited.
    \n Through court order, government taxation, or inflation, they always get
    \n it back. Bitcoin offers some protection. We become our own bank.<\/div>\n
    \n<\/div>\n
    \nMany people will likely debate this list.
    \n  Others might be open to the suggestion that if just ONE of these
    \nfactors is agreeable to most reasonable people, the description used by
    \nWikipedia might also be applied to bitcoin.  A year from now, there
    \nmight be another list compiled that is just as long as this one \u2013 of
    \nthings that can\u2019t possibly be imagined today.<\/div>\n

    Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Intrinsic Value Defined: (BitcoinMagazine) Let\u2019s agree what the term \u201cIntrinsic Value\u201d means. For this article we will use the common Wikipedia entry for the intrinsic theory of value. This is found at: http:\/\/en.wikipedia.org\/wiki\/Intrinsic_theory_of_value An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, […]<\/p>\n","protected":false},"author":1,"featured_media":789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,191,337,679],"tags":[764,871,1012,1332],"yoast_head":"\nYou say Bitcoin has no intrinsic value? Twenty-two reasons to think again! -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!\" \/>\n<meta property=\"og:description\" content=\"Intrinsic Value Defined: (BitcoinMagazine) Let\u2019s agree what the term \u201cIntrinsic Value\u201d means. For this article we will use the common Wikipedia entry for the intrinsic theory of value. This is found at: http:\/\/en.wikipedia.org\/wiki\/Intrinsic_theory_of_value An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-05T04:02:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"605\" \/>\n\t<meta property=\"og:image:height\" content=\"681\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Satoshi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/holytransaction\" \/>\n<meta name=\"twitter:site\" content=\"@holytransaction\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Satoshi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html\",\"url\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html\",\"name\":\"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again! -\",\"isPartOf\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage\"},\"image\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage\"},\"thumbnailUrl\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png\",\"datePublished\":\"2014-06-05T04:02:00+00:00\",\"dateModified\":\"2014-06-05T04:02:00+00:00\",\"author\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/1643e2c0c2df67ae0d6eacff8a185e69\"},\"breadcrumb\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage\",\"url\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png\",\"contentUrl\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png\",\"width\":605,\"height\":681,\"caption\":\"OldWorld BTC 2\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/holytransaction.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"bitcoin\",\"item\":\"https:\/\/holytransaction.com\/blog\/tag\/bitcoin\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\",\"url\":\"https:\/\/holytransaction.com\/blog\/\",\"name\":\"\",\"description\":\"HolyTransaction's Blog - Your crypto blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/holytransaction.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/1643e2c0c2df67ae0d6eacff8a185e69\",\"name\":\"Satoshi\",\"sameAs\":[\"https:\/\/holytransaction.com\",\"https:\/\/facebook.com\/holytransaction\",\"https:\/\/twitter.com\/https:\/\/twitter.com\/holytransaction\"],\"url\":\"https:\/\/holytransaction.com\/blog\/author\/admin\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again! -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html","og_locale":"en_US","og_type":"article","og_title":"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!","og_description":"Intrinsic Value Defined: (BitcoinMagazine) Let\u2019s agree what the term \u201cIntrinsic Value\u201d means. For this article we will use the common Wikipedia entry for the intrinsic theory of value. This is found at: http:\/\/en.wikipedia.org\/wiki\/Intrinsic_theory_of_value An intrinsic theory of value (also called theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, […]","og_url":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html","article_publisher":"https:\/\/facebook.com\/holytransaction","article_author":"https:\/\/facebook.com\/holytransaction","article_published_time":"2014-06-05T04:02:00+00:00","og_image":[{"width":605,"height":681,"url":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png","type":"image\/png"}],"author":"Satoshi","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/holytransaction","twitter_site":"@holytransaction","twitter_misc":{"Written by":"Satoshi","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html","url":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html","name":"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again! -","isPartOf":{"@id":"https:\/\/holytransaction.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage"},"image":{"@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage"},"thumbnailUrl":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png","datePublished":"2014-06-05T04:02:00+00:00","dateModified":"2014-06-05T04:02:00+00:00","author":{"@id":"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/1643e2c0c2df67ae0d6eacff8a185e69"},"breadcrumb":{"@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#primaryimage","url":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png","contentUrl":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/06\/OldWorld_BTC_2.png","width":605,"height":681,"caption":"OldWorld BTC 2"},{"@type":"BreadcrumbList","@id":"https:\/\/holytransaction.com\/blog\/2014\/06\/you-say-bitcoin-has-no-intrinsic-value.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/holytransaction.com\/blog"},{"@type":"ListItem","position":2,"name":"bitcoin","item":"https:\/\/holytransaction.com\/blog\/tag\/bitcoin"},{"@type":"ListItem","position":3,"name":"You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!"}]},{"@type":"WebSite","@id":"https:\/\/holytransaction.com\/blog\/#website","url":"https:\/\/holytransaction.com\/blog\/","name":"","description":"HolyTransaction's Blog - Your crypto blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/holytransaction.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/1643e2c0c2df67ae0d6eacff8a185e69","name":"Satoshi","sameAs":["https:\/\/holytransaction.com","https:\/\/facebook.com\/holytransaction","https:\/\/twitter.com\/https:\/\/twitter.com\/holytransaction"],"url":"https:\/\/holytransaction.com\/blog\/author\/admin"}]}},"_links":{"self":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts\/236"}],"collection":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/comments?post=236"}],"version-history":[{"count":0,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts\/236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/media\/789"}],"wp:attachment":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/media?parent=236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/categories?post=236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/tags?post=236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}