Source: Unsplash
Charlie Lee, the creator of Litecoin [LTC] recently spoke on the CoinsBank Blockchain Cruise, where he elaborated upon the intrinsic value of Bitcoin [BTC]. While the price of the cryptocurrency is determined mainly by speculative trading, the intrinsic value of the coin is a different story.
Lee aimed to narrow down the intrinsic value of the coin by breaking down the four fundamental factors towards it. He began by offering background on quotes made by individuals such as the current Chairman of the United States Federal Reserve, and prominent stockbroker Peter Schiff. These quotes stated that the cryptocurrency does not really have intrinsic value, with Schiff calling it “digital fool’s gold”.
Lee, however, offered a contrast to this point, stating that he had 4 points that made Bitcoin intrinsically valuable. He began by speaking about how Bitcoin was not censorable, as it cannot be changed by one person, company or government.
To illustrate what censorship resistance meant, he offered an anecdote from his own life.
Lee stated that he used to play online poker in the years 2010 and 2011 when the online gambling industry was at its peak. However, he related an instance wherein the United States Government came down on the three biggest online poker marketplaces at the time over accusations of wire fraud, bank fraud, and money laundering.
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