It&#x27;s certainly an objective truth - it&#x27;s attested to by the energy spent in producing it. Attesting to alternate truth is often possible (we have orphan blocks all the time) but - the older the truth, the more objective it is.<p>The intrinsic value of bitcoin is censorship resistant storage. The speculative value of bitcoin is somewhere above 0.<p>If you don&#x27;t need censorship resistance - don&#x27;t use it. But if you think no-one needs censorship resistance, then you are empirically wrong, as demonstrated by the hundreds of thousands of transactions per day in Bitcoin.<p>As for burning increasing amounts of wealth - well, the network is pretty well calibrated. It&#x27;s not a chain reaction that will take over the world, it&#x27;ll scale to precisely the size that the market demands.