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Invoking Aristotle, Max Keiser published a short article arguing that Bitcoin has an intrinsic worth in its privacy. [1] According to that short article, Bitcoin versus Aristotelian intrinsic worth is a match.

Bitcoin Versus Aristotelian Intrinsic Worth: A Mismatch


In Aristotle’s work, intrinsic value specifies any value an item has individually of being cash. Its intrinsic value results from its useful residential or commercial properties as a commodity (rather than as cash). Bitcoin is helpful only as cash. Apparently Max Keiser’s argument would be wrong. For not working as a product, Bitcoin has no intrinsic worth.

Bitcoin Versus Aristotelian Intrinsic Worth: A Match

There is a circumstance in which all money ends up being a commodity. That scenario is its exchange for a different type of money. Whenever purchased or offered, cash ends up being a commodity.

Transacting Versus Transacted Cash

For us to purchase or sell a financial things, that object need to remain its simple possibility of being money: actual money can only play the active function– as the purchasing things– in any transaction, and never its passive role– as the bought or offered things. It must be a mere possibility to play this last function. Then, since cash constantly belongs either in a real or simply possible deal, we must call it when actual or active, transacting cash, and when merely possible or passive, negotiated money.

As thus, whenever negotiated, cash becomes a commodity.

As actual, negotiating money, Bitcoin has no intrinsic value. As simply possible, negotiated cash, it does have an intrinsic worth. This is because, whenever purchased or offered, Bitcoin’s intrinsic financial properties become its product homes.

Therefore, if Bitcoin became the only currency of the world, its intrinsic value would disappear. With no other currency to buy it and for which to offer itself, Bitcoin no longer might be a product. It just could be real cash. Bitcoin’s intrinsic value depends on its being able to compete with other currencies (as a transacted, purchased or offered product).

Privacy as Bitcoin’s Intrinsic Value

Still, personal privacy does not itself make up an intrinsic value of Bitcoin:

There is a difference between transaction privacy and public-key privacy.
There is a difference between exchange value depending on and being itself whichever utilities or homes.
The privacy of Bitcoin transactions depends upon Bitcoin’s public-key personal privacy, which is among its properties. Its intrinsic value possibly depends on its allowing deal personal privacy, which is one of its utilities. Public-key privacy, by making deal privacy possible, allows us to offer Bitcoin its intrinsic value as a purchased or sold product (for instance, in Bitcoin exchanges). Intrinsic value is the exchange worth of energies arising from intrinsic properties.

Lastly, Bitcoin has other residential or commercial properties than public-key privacy, like its ubiquity and security– both unknown to Aristotle. Those residential or commercial properties likewise make Bitcoin useful, regardless of in other methods. It is due to the fact that of all such utilities– rather than even if of transaction personal privacy– that we can provide Bitcoin its financial value.

Bitcoin’s Intrinsic Value

Bitcoin is potentially a commodity however only when negotiated. Only then, its (simply possible) monetary value becomes its intrinsic worth.

Here is Max Keiser’s article: Is Bitcoin Cash?
The ideas on this post come from a brand-new financial theory presented in my book Representational Monetary Identity.

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Invoking Aristotle, Max Keiser published a post arguing that Bitcoin has an intrinsic worth in its personal privacy. In Aristotle’s work, intrinsic worth specifies any value an item has independently of being cash. As actual, negotiating cash, Bitcoin has no intrinsic value. Public-key personal privacy, by making transaction personal privacy possible, allows us to give Bitcoin its intrinsic value as a purchased or sold commodity (for example, in Bitcoin exchanges). Intrinsic worth is the exchange value of utilities resulting from intrinsic residential or commercial properties.