Nassim Nicholas Taleb presents his “bitcoin black paper” today, “why bitcoin is worth exactly 0”.
He gives a long mathematical derivation in calculus with limits, based on standard econometrics.
But he says that bitcoin (or any cryptocurrency) must be either an security (investment) or a “commodity” (something that has intrinsic value). If something goes wrong, bitcoin has no intrinsic value (unlike gold). Taleb has uttered some rather provocative tweets lately, such as the name of a proposed paper "Bitcoin, Currencies and Fragility".
The problem with this, to me, seems to be that we got rid of the gold standard a long time ago, under Nixon, as I remember (Nixon shock).