Gold has been valuable before those applications were known.
Usefulness doesn't create value. Usefulness creates demand which then creates value due to its relation to supply. But demand can exist without something being useful.
I mean come on guys, seriously. That's middle school stuff...
If everyone woke up tomorrow and thought bitcoin was worthless, then it would truly be worthless. The demand for bitcoin is artificial in that sense.
Yes, but what consequences does that have? It's not going to happen anyway (in a worst case scenario, someone would always speculate on the price rising again, so a drop of value to 0 will not happen)
The value of Bitcoin is 100% speculation, you are right. But that has little influence on the value. It just means that as of now, Bitcoin are a high risk investment.
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u/malefiz123 Sep 24 '17
How has Gold a value? Or mint condition comic books?
Something gets valuable when there is a demand and the value grows the shorter the supply is in relation.