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Gold has a floor value though, sure it has a value above that based on being used as a store of wealth but the whole thing is predicated on the fact that gold i
by zimablue 9y ago
Gold has a floor value though, sure it has a value above that based on being used as a store of wealth but the whole thing is predicated on the fact that gold is actually useful and has thousands of years of human history of being valued.
- lawlessone 9y agobitcoin will still have a sort of floor value for the various illegal things it was and is still use for. Obviously though that is far far lower than what it is now.
- zimablue 9y agoI see your point but even on that - there are alternative blockchains, we could all just swap to litecoins and send it to zero. If it were the only feasible crypto it would have some sort of floor I agree but factor in altcoins and it actually doesn't have any.
- lawlessone 9y agoTrue, there are others, some with more privacy built in , bitcoin enjoys a network effect for now. That might change.
- UncleMeat 9y agoExcept there are other coins that are better for illegal transactions.
- prostoalex 9y agoPeople who do various illegal things hate volatility. They are already dealing with a number of risks, they don’t need another one added to the mix, where the supplier/boss can bust their kneecaps if the underlying cryptocurrency just went through a 5% “correction”.