Earlier quoted context omitted.
Bitcoins are worthless precisely because the Subjective Theory of Value is wrong. Benjamin Franklin, Adam Smith and all the early economists thought the Subjective Theory of Value was wrong. Because it is wrong. Bitcoin is a little scam which justifies itself against the backdrop of a much bigger scam. Gold is valuable because it takes effort to find, mine and refine. People want to exchange other valuable things for…
Except that gold's value is not evenly remotely tied to its use value. If it were, gold would be worth a small fraction of its current price.
It is true the prices can be manipulated over the short term - in 1979, the Hunt brothers made silver go from $6 an ounce to $48 an ounce before it crashed back down. Over the long term though, the value of commodities are tied to their value - how hard it is to find and mine gold, and whether people find it useful enough to exchange other valuable things for it.