Re: Every so often a market develops around something improbable
Intrinsic value relates to the benefits you receive from owning it, not the effort involved in producing it.
If you own a house, you can live in it, or you can rent it out.
If you have Uranium, you can put it into a nuclear power station and get electricity, you can make a bomb out of it and scare people into doing what you want them to do or you can use it in medial equipment.
If you have Beanie Babies, you might enjoy looking at them or playing with them, or have a child who likes them.
Again with tulips, you might enjoy looking at them
You can use gold to make pretty looking things to wear, or for electrical contacts and so on.
That is the intrinsic value. Regardless of how much effort is involved in making a bitcoin, you can't do anything useful with an actual bitcoin, just trade it for something else. Therefore it has no intrinsic value.