比特幣內在價值是什麼?

比特幣中文選讀
6 min readApr 16, 2021

“What is the intrinsic value of Bitcoin?”

先不要往下看,花點時間想想你的答案。

A chat with bitcoinpasada on 2021/4/15

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想好了嗎?

那我們繼續往下閱讀。

你的答案是什麼呢?

But I would say the the question is really a “trick question” meaning to ask it, is to ask the wrong question. When people talk about “intrinsic value” we have to ask ourselves: What is “intrinsic value”?

其實這個問題有點腦筋急轉彎,問題的本身並不正確,當人們談論到"內在價值"時,我們必須問自己:什麼叫做"內在價值"?

So what is the “intrinsic value” of a glass of water? What is the intrinsic value of a beautiful painting?

那一杯水的"內在價值"是什麼呢?一幅美麗的畫的內在價值又是什麼?

And the answer of course is that the value of those things depends on the person. Each person values things different, at different times. A very thirsty person might value the water more than someone who already has a lot of water. A blind person might value the painting differently than someone who really likes the artist.

而答案當然是因人而異,每件事物的價值取決於人,每個人在不同時間點價值觀都會不同,對一個非常口渴的人來說一杯水的價值會與已經喝很多水的人不同,一個盲人對畫的價值觀也會與非常喜歡該畫家的人不同。

So the point really is that value is subjective. Each person values things differently, according to their own needs and desires.

所以重點是在於價值是主觀的,每個人衡量事物價值的方式不同,根據自身的需求與欲望。

So the answer is that there is no such thing as “intrinsic value” — there is only the value that YOU, as an individual, ascribe to something.

所以真正的答案是,並沒有所謂的"內在價值"這種東西 — 只有身為個體的「你」,所衡量事物的價值。

value is subjective

價值是主觀的

This point is the cornerstone of Austrian economics. Subjective value judgement by individual.

這個觀點正是奧地利經濟學的根基,個體所衡量的主觀價值。

So some of the answers you gave above were good. For exmaple, about HOW to value bitcoin — by hashrate and energy use and such. And those are very useful, and indeed, the first ever bitcoin price was based on its energy use.

所以不管你心中的答案是什麼都是好答案,比方說用哈希值與能源消耗來評估比特幣價值等等,它們都非常有效,而且實際上第一個比特幣的價格就是根據它所使用的能源而產生的。

But the person that BOUGHT the bitcoin — why did he accept that price? THAT is the question — because he is the one who gave it value, by buying it.

但是「買下」比特幣的那個人 — 他為什麼接受這樣的價格呢?這就是問題所在 — 因為他是給了比特幣價值的那個人,透過購買它。

So really, we would have to ask him why he did buy it. Did he just think it was cool? Maybe he just liked having a UTXO. Maybe he saw the potential, as mentioned above, the stability of the system, etc.

所以真的,我們必須得問他為什麼要購買,他只是單純覺得很酷嗎?也許他只是想要有UTXO(unspent transaction output:未花費的交易輸出),又或者他看到了比特幣的潛力,像是前段提過的,系統的穩定性等等。

We don’t know if we don’t ask him.

我們如果不問他就永遠不會知道。

So the point here really is to help you respond when someone says “bitcoin has no intrinsic value.” It is very easy to respond to this: There is no such thing as intrinsic value. I like Bitcoin and that is enough for me!

所以本文真正的重點是在幫助你回應,當有人跟你說 "比特幣沒有內在價值"時,你只需要簡單地說:沒有所謂的內在價值這種東西,我喜歡比特幣,而這就夠了!

So again, you are right if you do value bitcoin for its monetary properties. Those are good reasons to like Bitcoin.

所以再一次地,如果你用比特幣的貨幣特性來衡量它的價值,你是正確的,這些都是喜歡比特幣很好的理由。

But your value is your value. Someone else might not value that the same as you.

但你的價值觀只屬於你自己,其他人衡量的價值與你可能不會一樣。

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