Another good one.
I slightly differ from the usual perspective on this though: I think the intrinsic vs subjective (= there is no "intrinsic") value point is a bit muddy, I don't think that distinction gets to the point here. The question is whether a non-monetary value needs to exist first (the regression theorem) to bootstrap the monetary value. Debatable, probably not, but I liked Satoshi's analogy of "a colourless metal that can be transferred over a telephone wire".
@waxwing I definitely agree that the regression theorem question is the more interesting of the two!
The best argument I've heard was from an older (2014-ish) journal article by Walter Block who said that this isn't applicable to Bitcoin because the regression theorem really only applies to a new money emerging from a state of barter.
My focus on intrinsic value was more for the Peter Schiff audience (and apparently Charlie Lee, who recently tried to justify BTC/LTC's intrinsic value)
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