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More than that, bitcoin has intrinsic value in that it solves a very hard problem in computer science, to trust a network of perhaps untrusted peers (up to 49% of them). The protocol itself I would say is of same value as the idea to use paper for value instead of carrying around heavy metals.

How come some paper has more value than other paper. Intrinstically they are the same.




The bitcoin protocol may have intrinsic value, but that does not transfer to individual bitcoins.


It does when the consensus protocol is solely concerned with the movement of bitcoins.




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