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Gold's market cap is $8 trillion. 90+% of that value is as a store of value and speculation. Cryptocurrencies could do that job better. Even with the high fee
by shawabawa3 9y ago
Gold's market cap is $8 trillion.
90+% of that value is as a store of value and speculation.
Cryptocurrencies could do that job better. Even with the high fees atm for bitcoin, it's still a hell of a lot cheaper than shipping gold
- stupidgeek314 9y agoexcept no currencies are backed by gold...
- phoe17 9y agoI have a read a few people comparing Bitcoin's store of value to that of Gold's. That analogy does make sense but they started off by calling Bitcoin a new form of currency, have we given up on that use-case? Also, Gold fluctuates a lot less and the exchange of Gold is often not anonymous. If I am looking for a place to put my savings why would I choose an anonymous market that is highly volatile? I understand that this logic is negated by Bitcoin's current value.
- AnimalMuppet 9y agoCould they? I have a pretty good idea that gold will still be valuable 100 years from now in every country in the world. (Maybe not the same value as today, but still valuable.) Bitcoin? I have much less confidence.
- bassman9000 9y agoFor those buying gold for apocalyptic/pre-apocalyptic situations, crypto makes no sense. If everything goes to hell, there'll be no usable Internet, so it'll be difficult to verify transactions in sufficient nodes. But a chunk of gold will still be a chunk of gold. In a more probable scenario, strong regulation kills the crypto. I believe either scenario is far from plausible, but the case for gold makes sense for people that do.