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There is a difference between people understanding why Bitcoin is like gold and people that say it can't have value because it's "made out of thin air." Not say
by teekert 9y ago
There is a difference between people understanding why Bitcoin is like gold and people that say it can't have value because it's "made out of thin air." Not saying Buffet is one of those but such people pop up every now and then.
- ameister14 9y agoI honestly don't think people understand why Bitcoin is like gold because Bitcoin shares almost no characteristics with gold.
- teekert 9y agoIt's more like gold than money because Gold is finite and it takes effort to mine it but anyone can do it, both things are not true for money.
- ameister14 9y agoIt's less like gold than money because it isn't associated with a history of sustained value and cannot be easily exchanged for currency on any grand scale. It's also unlike gold in virtually every other way - it has infinite and infinitely available substitutes, it doesn't have physical characteristics and it's very easy to steal.
- teekert 9y agoThere is quite some recent history of sustained value and perhaps the gold price also fluctuated wildly in the beginning until it settled. I can convert BTC to Euros from my lazy chair, try doing that with gold. Gold also has substitutes, almost any element of chemical substance has value but they differ in their practical use. Gold is shiny and chemically stable and not to abundant but Iridium can just as well function in the same way. As can oil, etc. I'll argue that gold you keep at home is easier to steal than my BTC, which are also at home but you need to break in and get my computer or you have to be a pretty good hacker.