The value of a thing is not determined by wishes, slogans, …

The value of a thing is not determined by wishes, slogans, or a crowd chanting at a price chart.
The value of a thing lies in what it does.
BTC, at roughly four to seven transactions per second, is less useful as a payment network than a carrier pigeon stripped of its feathers.
At least the pigeon once had the decency to be capable of flight.
BTC consumes vast resources to provide a deliberately crippled payment capacity. It is not superior infrastructure. It is an expensive monument to refusal.
Conversely, a system capable of millions of transactions per second would be something else entirely. That would enable commercial scale, machine payments, global micropayments, automated settlement, and transaction volumes beyond what Visa, MasterCard, and the big boys have achieved.
That is not a collectible.
That is infrastructure.
A system that expands human trade at that scale is worth more than gold, because gold merely stores value. A scalable digital cash system creates, moves, and multiplies economic activity.
Value is utility.
BTC has negative economic value once its costs are measured against what it actually provides.
Written by S. Tominaga