The Bitcoin network is a permissionless digital bank. When you exchange your fiat for sats everyone on the network acknowledges that those are your sats. Banks cannot create more sats to dilute yours.

Agreed. It has useful security features. That's what has been said in the exchange that you are commenting on. While I didn't give details, those features are implicit in the specific quote you cited.

None of that gives it effective intrinsic value however. "Intrinsic value" means that it can be used to produce something. The "bookkeeping value" of Bitcoin does not give it value in any meaningful way because it can exert it's value through any amount of exchange, and it is effectively infinitely divisible. If you exchange a whole Bitcoin or one trillionth of one, its security effects are identical, thus, while to say its value is zero would be wrong, it is effectively zero, and will never increase, because its "scarcity" will never change with respect to its use (it is an "infinite resource" with respect to its ability to be productive).

The Bitcoin network is a permissionless digital bank. When you exchange your fiat for sats everyone on the network acknowledges that those are your sats. Banks cannot create more sats to dilute yours.

Agreed. It has useful security features. That's what has been said in the exchange that you are commenting on. Those features are implicit in the specific quote you cited.

None of that gives it effective intrinsic value however. "Intrinsic value" means that it can be used to produce something. The "bookkeeping value" of Bitcoin does not give it value in any meaningful way because it can exert it's value through any amount of exchange, and it is effectively infinitely divisible. If you exchange a whole Bitcoin or one trillionth of one, its security effects are identical, thus, while to say its value is zero would be wrong, it is effectively zero, and will never increase, because its "scarcity" will never change with respect to its use (it is an "infinite resource" with respect to its ability to be productive).

The Bitcoin network is a permissionless digital bank. When you exchange your fiat for sats everyone on the network acknowledges that those are your sats. Banks cannot create more sats to dilute yours.

Great. It has useful security features. That's what has been said in the exchange that you are commenting on. Those features are implicit in the specific quote you cited.

None of that gives it effective intrinsic value however. "Intrinsic value" means that it can be used to produce something. The "bookkeeping value" of Bitcoin does not give it value in any meaningful way because it can exert it's value through any amount of exchange, and it is effectively infinitely divisible. If you exchange a whole Bitcoin or one trillionth of one, its security effects are identical, thus, while to say its value is zero would be wrong, it is effectively zero, and will never increase, because its "scarcity" will never change with respect to its use (it is an "infinite resource" with respect to its ability to be productive).

The Bitcoin network is a permissionless digital bank. When you exchange your fiat for sats everyone on the network acknowledges that those are your sats. Banks cannot create more sats to dilute yours.

Great. It has useful security features. That's what has been said in the exchange that you are commenting on. Those features are implicit in the specific quote you cited.

None of that gives it effective intrinsic value however. "Intrinsic value" means that it can be used to produce something. The "bookkeeping value" of Bitcoin does not give it value in any meaningful way because it can exert it's value through any amount of exchange, and it is effectively infinitely divisible. If you exchange a whole Bitcoin or one trillionth of one, its security effects are identical, thus, while to say its value is zero would be wrong, it is effectively zero, and will never increase, because its "scarcity" will never change with respect to its use (it is an "infinite resource").