Quote:
Originally Posted by ruff
The value of Bitcoin is whatever value I place on it. Simple. The value of Bitcoin is whatever anyone else places on it. Just like anything. There is no need to make something more difficult than it is. If you don't think Bitcoin has any value, so what? It is only what is valuable to me that really counts. I'm surprised some of you don't understand that simple concept. Bitcoin only has value to those that want it to have value. Any other arguments don't really matter.
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You are essentially right, but missing the point.
The value, is what OTHER people will pay for it. For example, you might buy some btc today because other people will pay more for it tomorrow. This is why if you buy a coin today it would cost you as much as it does, and why the person who bought it last year is making so much money selling it.