What value bitcoin has? Exactly the same, because it's value is derived from perception. It is nothing to do with energy. In the long run, the bit bitcoins will take tremendous power to mine. It does not mean it is valuable. It only means some people thought it a good deal. Why would you pay 100.000 dollars for that?

You can say the exact same thing about gold. Hence, digital gold.

So, that leaves your only argument: energy. Which in and of itself is a ludicrous argument for value. Perhaps it may represent a lot of value to the miner, but to the user ...? Can you use it in an alternative way? It may pan out or not, but is does not convince me.

People thought gold was worthwhile to dig out, e.g. they expended energy to get some. This puts a lower bound for its value when exchanged for anything else.

I am saying, that one fiat-system morphs into another, where the only difference is, bitcoin or akin crypto's in majority are not elastic, except for a couple which mirror the fiat currency's elasticity 1:1. Fiat is inelastic, at least nominally. The value of it fluctuates, mostly due to inflation. The same happens with Bitcoin, for now due to speculation and onboarding, and later on mostly due to deflation.

but to the user ...? Can you use it in an alternative way? Yes, absolutely. You can already buy just about anything you want with it directly or through payment processors. In the future Bitcoin and more generally smart contracts will fully replace the legacy equity markets. No middleman, 24/7 access, fast, cheap, and no central authority that can shut anything down or anyone out for whatever bullshit reasons.

Sure, maybe something will replace Bitcoin. Not extremely likely anytime soon, and we'll probably see multiple blockchains competing with each other in the free market instead. Average age of a fiat currency was somewhere along 1xx years, by the way.

And that's just the way things should have always been in the first place. Pretending that's a bad thing would have required anyone to stop trading with seashells, because the new thing would (and did) just get replaced anyways.

What value bitcoin has? Exactly the same, because it's value is derived from perception. It is nothing to do with energy. In the long run, the bit bitcoins will take tremendous power to mine. It does not mean it is valuable. It only means some people thought it a good deal. Why would you pay 100.000 dollars for that?

You can say the exact same thing about gold. Hence, digital gold.

So, that leaves your only argument: energy. Which in and of itself is a ludicrous argument for value. Perhaps it may represent a lot of value to the miner, but to the user ...? Can you use it in an alternative way? It may pan out or not, but is does not convince me.

People thought gold was worthwhile to dig out, e.g. they expended energy to get some. This puts a lower bound for its value when exchanged for anything else.

I am saying, that one fiat-system morphs into another, where the only difference is, bitcoin or akin crypto's in majority are not elastic, except for a couple which mirror the fiat currency's elasticity 1:1. Fiat is inelastic, at least nominally. The value of it fluctuates, mostly due to inflation. The same happens with Bitcoin, for now due to speculation and onboarding, and later on mostly due to deflation.

but to the user ...? Can you use it in an alternative way? Yes, absolutely. You can already buy just about anything you want with it directly or through payment processors. In the future Bitcoin and more generally smart contracts will fully replace the legacy equity markets. No middleman, 24/7 access, fast, cheap, and no central authority that can shut anything down or anyone out for whatever bullshit reasons.

Sure, maybe something will replace Bitcoin. Not extremely likely, and we'll probably see multiple blockchains competing with each other in the free market.

And that's just the way things should have always been in the first place. Pretending that's a bad thing would have required anyone to stop trading with seashells, because the new thing would (and did) just get replaced anyways.