Quote:
Originally Posted by dyna mo
gold is also intrinsically worthless.
it has value because we are told it has value, the fact is very little gold is used in industry.
i.e., gold's intrinsic value is that it's shiny and the television tells us so.
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Gold will likely never be completely worthless because it has many actual real world uses other than just jewelry. That's why it IS NOT intrinsically worthless. It will most likely always have a value.
http://en.wikipedia.org/wiki/Gold#Applications
The same can't be said about Bitcoin. Bitcoin has no other possible use except as an intangible object of speculation and that is why it is likely to fail in the long term.