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What are there flaws in the Bitcoin as digital gold analogy? I don't follow r/Bitcoin and would appreciate a summary. From my limited level of understanding, i
by ilyagr 9y ago
What are there flaws in the Bitcoin as digital gold analogy? I don't follow r/Bitcoin and would appreciate a summary.
From my limited level of understanding, it seems that the only differences are that you know that Bitcoin has no inherent value at all (gold has some since it can be used to make jewelery and gold-plated audio connectors, among other things) and you know exactly how much Bitcoin can ever be mined.
- qplex 9y agoIt's marketing. Instead of explaining what Bitcoin actually is you compare it to something very simple that everybody knows and derive "digital gold" ...
- timthelion 9y agoGold is also marketing. No one is going yaya over other, similarly rare elements [1]. Tantalum is significantly less common then gold, for example, and doesn't tarnish! And yet gold is 320x more expensive than tantalum [2] [3]! [1] https://en.wikipedia.org/wiki/Abundance_of_the_chemical_elements#/media/File:Elements_abundance-bars.svg https://en.wikipedia.org/wiki/Abundance_of_the_chemical_elem... [2] https://www.metalary.com/tantalum-price/ https://www.metalary.com/tantalum-price/ [3] https://www.bullionbypost.co.uk/gold-price/today/kilograms/usd/ https://www.bullionbypost.co.uk/gold-price/today/kilograms/u...