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"bitcoin" itself is unregulated in the same way gold itself is unregulated.
by em3rgent0rdr 10y ago
"bitcoin" itself is unregulated in the same way gold itself is unregulated.
- kgwgk 10y agoThere are regulated markets for gold.
- stOneskull 10y agogold is a precious metal. bitcoin is a text file.
- astrange 10y agoBitcoin is a share of a conversion from electricity to waste heat.
- kfrzcode 10y agoWhich ceases to exist entirely after a mega-solar-flare. Gold persists.
- Consultant32452 10y agoIf the mega solar flare is mega enough you might get a few extra gold atoms. Think of the inflation!
- astrange 10y agoUnless it also disables the security systems on your gold storage or erases your GLD shares or we forget we'd all agreed gold is valuable.
- shitgoose 10y agophysical, bitchez! (sorry, spend too much time on zerohedge...)
- wyager 10y agoIf there's a solar flare big enough to destroy every computer on earth, you won't have a chance to care about gold in the aftermath.
- deleted 10y ago[deleted]
- dnautics 10y agogold is a share of a conversion of energy to dug up earth, and sometimes nasty mercury tailings.
- jbmorgado 10y agoGold actually has practical applications. Just go to wikipedia and find out what part of the CPU of the computer you are using to write your comment upon is made of.
- gnaritas 10y agoThe price of gold doesn't come from it's practical applications, so that's hardly relevant. If gold were no longer hoarded by speculators as a store of value, its price would plummet massively as the practical application demands simply couldn't maintain its current speculative value. Bitcoin has practical applications as well, on the Internet as peer to peer cash. But like gold, it's value comes largely from speculators, not its practical applications.
- kolinko 10y agoa property ownership is also a text file
- timothycrosley 10y agoEhhh, I call BS. If for some reason all of a cities property records were lost, they would rebuild them via community testimony and consensus at worst case. Which clearly demonstrates it works in the opposite direction of what you are implying. Also property ownership tends to have inherit utility, something bit coin does not.
- nfbush 10y agoBitcoin has inherit utility in allowing immutable and globally accessible data storage, people assign the rest of the value to it. Just like property, except if people with bigger guns come it doesn't matter as it will become theirs if they want
- petre 10y agoIt's also highly mobile, unlike property. You can easily move more than 10k euros in BTC on a storage medium across borders without declaring anything.
- deleted 10y ago[deleted]
- saryant 10y agoA text file with the force of law behind it. Power changes with men with gens are empowered to enforce it.
- joshu 10y agoSo is your bank account.
- joering2 10y agoEven worse than that. You are not allowed to re-melt your piece of gold if that item has a serial number on it. Basically most smiths run an official registry. Even though a gold bullion is yours, most countries will forbid you from melting it into something else and destroying serial number in process, just like even if you own your house you cannot set it on fire. There are penalties including jail time. Its irrelevant if you put same serial number back on remelted PM.
- saganus 10y agoReally? Wow. Do you have some links for this? I did not know that and I'm not sure why would you get jail time for that. I mean, what is the rationale? Is it about somehow preventing transfer from a legal market to an unregulated one? I get that you can't mint your own gold coins or bars, but why not melt them? I'm very intrigued by this.
- nradov 10y agoBullshit
- petre 10y agoYou would probably lose value by melting minted gold bullion anyway. It would effectively convert a standardised unit of value into black market gold.
- joering2 10y agoNo you won't lose value. You make up by selling more of a smaller portion as smaller gold is rarely sold on exact ticker value. It is much easier and faster to sell 10 x 100g tabs than 1 x 1kg.
- conanbatt 10y agoBut theres a cost in re-minting the gold into a bullion, which if its the way of consumption that takes more demand it would end up costing more. Its obvious whatever that such rules can hardly be enforced. Sidestory: Argentina had an issue with inflation making coins worth less than their metal, and the bus lines (which were coin operated) turned out to be hoarding coins for reselling.