Bitcoin (BTC) Lacks Intrinsic Value Says Roger Ver On A Debate With Charlie Lee, Founder of Litecoin (LTC)
Roger Ver, the Bitcoin.com CEO, talked with Charlie Lee, the founder of Litecoin (LTC), during a recent debate which covered a few very exciting topics, including Bitcoin (BTC). According to Roger Ver, Bitcoin (BTC) has no intrinsic value, the Bitcoin.com CEO contradicting Charlie Lee on this one.
The contradictory discussions started when Charlie Lee, founder of Litecoin (LTC), enumerated four aspects that supposedly give Bitcoin (BTC) intrinsic value. According to Lee, the resistance to censorship, transaction immutability, cost of production, and fixed money supply are among the features that offer inherent value to Bitcoin (BTC).
“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. These four properties of Bitcoin make it very valuable,” said Charlie Lee.
On the other hand, Roger Ver thinks that Bitcoin (BTC) has no intrinsic value, and contradicted Charlie Lee in this regard.
Bitcoin (BTC) Lacks Intrinsic Value Says Roger Ver
According to Roger Ver, Bitcoin.com CEO, the value of Bitcoin (BTC) is only in the eyes of the individual that uses the leading crypto coin of the market. If there is no one to give Bitcoin (BTC) a value, the BTC wouldn’t have any value at all.
“There is no such thing as an intrinsic value, the value was in the mind of the beholder and not in the object itself,” said Roger Ver.
Also, Roger Ver said that the idea that the laborious mining process to generate 1 BTC is Bitcoin (BTC) intrinsic value is wrong.
“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,” argued Roger Ver.
Know affectionately at ‘Bitcoin Jesus’, Ver was an early investor and promoter of Bitcoin. While one of the five founders of the Bitcoin Foundation, in 2017 Ver was an avid supporter of the Bitcoin hard fork to create Bitcoin Cash. Ver was central to opposing Bitcoin Cash’s hard fork in 2018 (creating Bitcoin SV), and has recently taken to Facebook, giving away BCH to encourage adoption.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.