The underlying value of fried air (BTC).

Dutch version A much-heard argument against Bitcoin is that Bitcoin does not have an underlying asset and, therefore, it is just like fried air, a Tulip bulb mania, a pyramid game, or a bubble that does burst once.On the other hand, Bitcoin fans usually reply that the price of Bitcoin is determined by the supply and demand on the market and that the real value of bitcoin is its use case, so it is the decentralized counterpart of the failed Fiat system. This is true, of course, but also a bit short and easy, and not convincing for the skeptics. In this story, we will investigate what the intrinsic underlying value of Bitcoin is.All equipment/business/services that we produce, use, consume, and/or further process on this earth have a cost price. The price at which the device, product, service can be produced/delivered. PLEASE NOTE: We are talking about the cost price here, not to be confused with the value.We are going to do some philosophical work now.My thesis is that the basic cost price for everything in this world is composed of only two components and that is Energy and Labor.Energy and labor that is needed to realize the manufacturing process. To make a car you need steel. That is made from iron ore. That ore is extracted from the ground by large machines and melted in blast furnaces. So the cost price of that iron is entirely determined by the energy and human labor needed to convert it into steel. The raw material (the ore) itself is of no importance because it is mined from the ground free of charge. It only gains value when it is mined by energy and labor and further processed. After that, the steel is converted into a car with the help of again a…