Dave I just read a very good post by @sean-king that discusses the intrinsic value of bitcoin. Just as extrapolation is dangerous, the valuation models he explains don't necessarily predict the market value of bitcoin but they do show how the intrinsic value of the network should be growing. Check it out if you are interested.
https://steemit.com/bitcoin/@sean-king/my-bitcoin-valuation-methodology-valuing-bitcoin-as-a-network
Thank you for this pointer. A very valuable reference.
Bitcoin network had more computing power in 2013 than the best 500 supercomputers in the world. And the miners have been growing since then.
Adds to confidence that bitcoin isn't going to be a giant scam and crash to zero.
STEEM On !!
Dave