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Doesn't a diamond ring lose value once it is sold, though, in terms of re-sell value? A ring worth one bitcoin is not going to lose value once it is sold (asid
by chockZ 9y ago
Doesn't a diamond ring lose value once it is sold, though, in terms of re-sell value? A ring worth one bitcoin is not going to lose value once it is sold (aside from market volatility).
- jjoonathan 9y agoYeah, but it's business as usual for petty thieves to cause 10x (or 100x, or 1000x) damage for a 1x payoff.
- usrusr 9y ago1000× times the diminutive likelihood that this nicely immutable paper wallet hasn't already been spent. (A paper wallet is a paper wallet even if it is written on gold in tengwar runes that only appear when subjected to fire)
- thaumasiotes 9y agoYes, a diamond ring cannot be resold, since the price of diamonds has been decoupled from the difficulty of getting them. You're not paying that jeweler for the diamond on the ring; you're paying him a special fee for being a De Beers recognized diamond merchant. A bitcoin doesn't have that problem. However, a ring inscribed with a private key controlling one bitcoin will lose its value immediately, because whoever comes into possession of (or ever sees) the ring will move the bitcoin.