Roger Ver & Litecoin’s Charlie Lee debate on Bitcoin [BTC]’s intrinsic value
Roger Ver, the Bitcoin Cash [BCH] maximalist and CEO of Bitcoin.com, recently had a debate with Litecoin founder Charlie Lee. During the debate, Ver spoke to Lee on various aspects of Bitcoin [BTC] and its intrinsic value.
Lee started off with four important aspects that gave the world’s top digital asset intrinsic value – censorship resistance, transaction immutability, cost of production and a fixed money supply. “Bitcoin has value intrinsically, this make Bitcoin sound money and sound money is valuable,” he said.
He spoke about the virtual currency being resistant to censorship and stated, “It gives you something that cannot be blocked from spending”. He explained that transaction immutability ensures that transactions cannot be reversed or taken away. Cost of production would not allow counterfeiting and “cause something to create another one.”
“You have a new form of money that cannot be blocked from spending, cannot be reversed or taken away, cannot be counterfeited and cannot be devalued,” he said.
However, Ver shared a different opinion saying that the value of the digital coin was only in the mind of the person who uses the token. “There is no such thing as an intrinsic value, the value was in the mind of the beholder and not in the object itself,” he argued.
He then went on to accuse Lee of promoting Karl Marx’s labor theory of value. “If I go and spend an hour making mud pies that do not give it value because I spent an hour making them or if I spend an hour making apple pies, the apple pies are valuable not because of spent an hour in making them but because people enjoy apple pie and people don’t enjoy mud pie. So even if I spent an hour making apple pies or mud pies, the apple pies have value and the mud pies don’t have value,” he pointed out.
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