Bubble, Bubble, Fraud and Trouble
<i>&gt; Bitcoin, by contrast, has no intrinsic value at all.</i><p>This comes right after a paragraph describing how the US dollar has no intrinsic value other than the fact that it is the required currency for paying US taxes and that the Federal Reserve stabilizes it through the money supply (Modern Monetary Theory would argue these two points are effectively the same, but I digress).<p>Does this mean fiat currencies have intrinsic value? If so, how is this value more &#x27;intrinsic&#x27; than the value a network gives a cryptocurrency?<p>Bitcoin&#x27;s overextended and struggling network certainly makes it overvalued compared to the well-oiled machine that is the USD. But that&#x27;s hardly a reason to write off cryptocurrencies in general.