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Gold is valuable because if the world economy collapses, there is still intrinsic value in gold because it's shiny and pretty and I can hold it. IF the world e
by jbob2000 9y ago
Gold is valuable because if the world economy collapses, there is still intrinsic value in gold because it's shiny and pretty and I can hold it.
IF the world economy collapses, bitcoins are useless. The internet would fail, people wouldn't have computers to use them any more. You can't do anything with bitcoins if you don't have a huge network of computers to sustain the system.
- jvannistelrooy 9y agoWith the same reasoning, you could also say that traditional money (wether electronic or paper) is useless.
- 0x4f3759df 9y agoIf your country is conquered by war, then your fiat goes to zero, and your gold is confiscated (or very difficult to transport). There are extremes where Bitcoin goes to zero, but there are also extreme events where it has a lot of value.
- jbob2000 9y agoIf your country is conquered, you are ordered at gunpoint to open the safe full of gold. The same thing would happen with bitcoins - you're ordered at gunpoint to send them to the winning party. To be honest, if your country is conquered, the last thing the winning party wants is a couple of bits and bytes on a hard drive. What's far more valuable is the natural resources, workforce, factories, etc.