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> I don't get why crypto keeps being compared to a metal. Because Bitcoin was literally created to imitate gold, with the idea being to propagate crank goldbug
by davidgerard 9y ago
> I don't get why crypto keeps being compared to a metal.
Because Bitcoin was literally created to imitate gold, with the idea being to propagate crank goldbug conspiracy theory economics.
This is why the price is so volatile - as an imitation of the gold standard, bitcoin wants to be money but actually works like a commodity, with booms, busts and bubbles.
https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/ https://davidgerard.co.uk/blockchain/the-conspiracist-gold-b...
- libertine 9y agoI understand it - even the term "gold rush" could be applied here, where people the get the fever and sometimes do irrational stuff to try to strike the good ol'gold nugget. You can learn a lot from the psychology and sociology side of the Gold Rush event, and surely you can compare it to the crypto event (after all, that's what history is for). But like you've said, Bitcoin was created to imitate gold... still it's not gold.