Comment by derangedHorse

> what the thing is worth

This is subjective. Value is subjective. This is taught in many introductory economics classes.

> an orange has some minimum price, because if nothing else it's composed of matter and so can weight things down

You talk as if "minimum price" is objective. The "minimum price" you're referring to here is the most useless, but valued, property of the object for you. For other people, having weight can be a burden.

> If bitcoin is useless to transact, then its intrinsic worth is zero, so its price is 100% speculative

Again you speak as if as if everyone assumes the same value system as you, but differ only in a penchant for gambling in the form of price speculation.