Its a semantic point in a sense but its also one of re-solution. We can understand that with the introduction of local versus non-local bounds (ie perspective) something can have a non-locally derived value.

This could be viewed as “intrinsic” value in the sense of the above debate in that it would set a local floor for the value money medium even if there was no local non-monetary usefulness for it.

This might not be a full argument for a floor for the globally held market valuation of bitcoin, however, even if we subscribe to the need for a non-monetary…


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