So, what can we take away from all this? Maybe the whole idea of intrinsic value has been a red herring all along. We humans have always assigned value to things based on trust, utility (which itself is subjective), and our collective stories about what’s important. The fact that cryptos need belief to function doesn’t make them any different from gold bars locked in Fort Knox, or from the paper bills in your wallet. Now, it doesn’t mean they can’t be useful or have actual properties, either. There’s a reason why millions of people have found them appealing enough to thrust and use.

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