MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
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Bricks of gold, bits of code: the worship of things shiny and useless
By EmmaZahn on Mon, 04/15/2013 - 1:29pm |
There is no intrinsic value to a Bitcoin.
The asset class, in many ways, behaves just like gold. Bitcoins can never be consumed. They can never be destroyed. They can only ever be hoarded or transacted.
If there is value to a Bitcoin (or gold) it is tied to its cost of production, that being the energy it costs to produce it, its restricted supply — a function of a computer protocol — and the cult-like beliefs of its dedicated followers.
URL:
http://ftalphaville.ft.com/2013/04/15/1460802/bricks-of-gold-bits-of-code-the-worship-of-things-shiny-and-useless/
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