12 karma · joined November 5, 2014
Again, it's perceived and agreed value. Gold is valuable because we decided it is. Jewels are as valuable as the fashion agrees them to be. In fact, you can find jewels worth thousands of dollars that are made of steel. Their intrinsic value for the material is a few cents.
> Even money has no value whatsoever. Money is a promise from a government to grant some goods or services. I think you are using a strange definition of "no value".
What I mean is that the value is just what the system agrees on. If the system decides that the US are insolvent, or can't back their currency (which is a _promise_ to deliver) its value goes down, potentially to the value of the paper it's printed on.
In the end, the value of something depends on what people agree it's backing in terms of goods and services. It's an agreement, a child's game among adults, and can change in a whim.
Commodities are assigned the value humans agree on, according to market. Bitcoin is no different. It's a digital commodity, but a commodity nevertheless. It will have its bubbles, but they are fueled by human greed, not the nature of bitcoin per se.
The problem with this mechanism is that reviewers have no liability, because their comment is anonymous to the author and won't be available to the readers, as it won't be published as part of the article. The result is that reviewers are not made accountable now or in the future for inaccuracies in their review, blatant attacks, or tactical requests for additional irrelevant investigation just out of spite or to stall you so that they can scoop your paper.
Occasionally, the Editor can step in and disregard a particularly obnoxious reviewer, but it depends on the editor, the journal, and the political/scientific strength of the reviewer.