re: Bit coins... I want the general definition

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The historic operating results establish a book value for the company.

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Very similar to bitcoin. When bitcoin had no track record the value of BTC was near zero.

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As such there is an intrinsic value of the company's assets available for liquidation.

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Not with common stock. Unless you are able to purchase preferred shares of a corporation, no liquidation of a company's assets in bankruptcy will be returned to common stock shareholders. Preferred shareholders might get something, but it's not likely.

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The expected future operating results will either increase or decrease the company's assets.

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Useless to the shareholders of common stock.

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The ability to pay dividends may [or may not] provide the owner current cash flows from the investment as opposed to nothing but appreciation in value that cannot be spent.

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True, but under almost all scenarios dividends are reinvested in shares of stock at current prices. Dividends are shrinking compared to historical figures as profit margins are squeezed.

The so called "investment features" of stocks boil down to dividends, and future dividend yield is not guaranteed. The primary reason people purchase a particular stock and the reason people purchase bitcoins are the same. Expectation that future value > current value. With bitcoin, it's pure speculation, as with gold, along with the added value of portability, anonymity, and it's independence of government. With stock, the performance of the underlying company is most important. But to suggest stocks have anything on bitcoin beyond dividends is foolish.