> ... Bitcoin (crypto in general) won’t be replacing gold because you cannot use bitcoin to build electronic circuits. ...
This is as ridiculous as stating that bitcoin won't replace gold because dental fillings are made of gold.
What the article fails to mention is that unlike gold, the authenticity of bitcoin is easy to validate and ownership of bitcoin can be transferred without the inconvenience of physical transportation or trusted clearinghouses.
> This is as ridiculous as stating that bitcoin won't replace gold because dental fillings are made of gold.
But, that's not ridiculous at all.
The point they're making is that gold is a raw material that can be simply dug up out of the ground, and then processed to be more useful for us in all sorts of ways. Bitcoin on the other hand, requires gold to even exist in the first place.
The idea that bitcoin is going to replace gold - that is the ridiculous idea.
>The idea that bitcoin is going to replace gold - that is the ridiculous idea.
But you're arguing against a strawman. Nobody seriously thinks that bitcoin is going to replace gold in all applications, only for hoarding/reserve purposes. Cars have replaced horses, for all intents and purposes, even though there are still horses around.
Here's an argument I find more compelling. Gold has uses. Even if every gold bug in the world lost faith, and we developed a strong cultural aversion to yellow shades, gold would continue to be consumed. Its price is pretty much guaranteed to never drop to $0. Of course any commodity of broad utlility has this property. Arguably gold, being affected by speculation and store of value factors, is worse for this than wheat or tin.
tl;dr: the old joke about stockpiling ammo for spending after the apocalypse is actually kinda wise
>Gold has uses. Even if every gold bug in the world lost faith, and we developed a strong cultural aversion to yellow shades, gold would continue to be consumed. Its price is pretty much guaranteed to never drop to $0.
I don't get this argument. If you're worried about the value in case of economic collapse, you really shouldn't be in gold or bitcoin. Sure, bitcoin would perform worse than gold, but both would perform worse than copper. Why would you invest in gold then?
If someone mined 1000t pure gold asteroid and brought it to earth, Your gold bar would be worth less than paperweight.
Sure it would be worth more than $0 but your $600k gold bar being worth $5 is hardly an argument you are trying to make.
If the world would end your gold investments are as good as a story you can tell about your investment portfolio and a mountain of gold you own in Peru.
The hearsay of BTC having a value is similar to $$$, but nobody is loosing their mind that 'dollars are just a pieces of cloth paper, man'.
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[ 2.8 ms ] story [ 30.4 ms ] threadThis is as ridiculous as stating that bitcoin won't replace gold because dental fillings are made of gold.
What the article fails to mention is that unlike gold, the authenticity of bitcoin is easy to validate and ownership of bitcoin can be transferred without the inconvenience of physical transportation or trusted clearinghouses.
But, that's not ridiculous at all.
The point they're making is that gold is a raw material that can be simply dug up out of the ground, and then processed to be more useful for us in all sorts of ways. Bitcoin on the other hand, requires gold to even exist in the first place.
The idea that bitcoin is going to replace gold - that is the ridiculous idea.
But you're arguing against a strawman. Nobody seriously thinks that bitcoin is going to replace gold in all applications, only for hoarding/reserve purposes. Cars have replaced horses, for all intents and purposes, even though there are still horses around.
tl;dr: the old joke about stockpiling ammo for spending after the apocalypse is actually kinda wise
I don't get this argument. If you're worried about the value in case of economic collapse, you really shouldn't be in gold or bitcoin. Sure, bitcoin would perform worse than gold, but both would perform worse than copper. Why would you invest in gold then?
Sure it would be worth more than $0 but your $600k gold bar being worth $5 is hardly an argument you are trying to make.
If the world would end your gold investments are as good as a story you can tell about your investment portfolio and a mountain of gold you own in Peru.
The hearsay of BTC having a value is similar to $$$, but nobody is loosing their mind that 'dollars are just a pieces of cloth paper, man'.