Quote Originally Posted by Warsaw View Post
He's disagreeing with the second part of your comment, not the first. You are right, the Bitcoin has no intrinsic value. While you are not entirely wrong that there is value in the Bitcoin system, that system is not what is making it monetarily valuable. Speculation is what is making it monetarily valuable.
Um, that system is exactly what is giving it monetarily valuable. The US currency has face valuable, because traders (shops etc) legally agree that dollar is worth the value of a dollar we associate it with.

The only thing I think you may be touching on, is for example, who decides that X about of coin is worth $10, or whatever. The answer to that is exactly why gold is valuable.