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I have a new take on Bitcoin

It's the people.

It's the people who determine its value. Right now the people have determined that Bitcoin's value is $11,416. Momentarily they will determine its value differently, higher or lower.

Bitcoin is democratic, decentralized. Nobody forces it on anybody as governments do their national currency of choice. Bitcoin's demand comes from the people, its supply is determined by the people. 

Bitcoin, like democracy, is process-determinative, not outcome-determinative. In democratic elections the people always make the "right" choice. There is no outside referent for the "worth" of a candidate. Nor for Bitcoin. It is wrong-headed to say Bitcoin's technology provides insufficient basis for its value just as it is wrong to say lack of a college education is an insufficient basis to hold elective office. The people determine both. There is no outside referent that provides validation.The candidate gets his legitimacy by getting the most votes. Bitcoin gets its legitimacy from its number of buyers and sellers. In both, the people are always right. They always make the "right" choice through the process of choosing. The people who sell Bitcoin are always right. The price of Bitcoin is always right. 

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