Quote:
|
Originally Posted by FallingLeaves
one could say exactly the same thing about gold and silver, and yet one doesn't.
|
It is pretty much the same as gold and silver, but only different in how it represents the virtual world in a digital age. The metals have form and are tangible, whereas the Bitcoin is only represented by a brand symbol, having no substance, shape, colour, tempreature, texture.
Hence I think Bitcoin is of purely philosophical value, and although value is somewhat arbitrary, there are ingredients such as scarcity or rarity in relation to desire or need that go into making something valuable. That is abstractly translated into dollar terms, the number of which objectively measure the supply:demand ratio. We do not only buy metals or Bitcoins because it is desired so much today, but because we think it will desired even more than it is now in the future, and hence be more expensive if we were ever to sell it.
That's true for what we think of as 'assets', but whereas metals offer something to own, Bitcoin translates the philosophical elements of ownership into an algorithm and captures it in immutable mathematical code.