The ability to sell an item for x USD is not one of the "things" you can do with it that contribute to intrinsic value. Let's put it a different way; if the market value for a bitcoin was $0, what could you do with it? Compare that to an apple. If the market value for an apple was $0, you could eat it. Thus (unless someone has a clever use for bitcoins outside of currency) an apple has greater intrinsic value than a bitcoin.

I'd say that's use-value. Intrinsic implies it's not relative to each person, which clearly isn't true in that case (e.g., I could be allergic to apples, then the value would be nil to me).

...which illustrates the inherent absurdity of the word "intrinsic." If allergies make some quality extrinsic, then doesn't the very existence of humans also make all qualities extrinsic? If humans are extinct, the apple can't even be eaten by any humans, so it must have no intrinsic value.

Fine, not water. Apples. Are you allergic to water?

What if I'm not thirsty? What if I have plenty of water already? What if I'm trying to commit suicide by not drinking water?

That's a new definition of "intrinsic," not the one I was responding to.

Intrinsic value and market price are slightly different. I imagine the difference brings us back to the fact that bitcoin is unbacked by any government. There is a worst case scenario that bitcoins are worthless. Government backed currencies despite not being tied to the standard of a physical good have a sovereign entity responsible for their value thus they are as valuable as your trust in that sovereign.

What does it mean to trust in a sovereign in this case? If I take a $20 from my wallet down to the county court house, or any other government building you like, what should I trust to happen?

Actually when I used the word "trust" I was thinking of countries with their own currency that have unstable governments and/or economies. So imagine country X exists in South America and you have 20 country X dollars. A week ago one country X dollar was worth 2 US dollars. But today country X decided to introduce into circulation hundreds of trillions of dollars in new currency to deal with their massive debts and it completely devalues your 20 country X dollars.

Or today there is a communist coup in country X and the new regime declares the old currency worthless.

That's what I meant by "trust."