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You can't duplicate physical gold, but it takes 30 seconds to launch a copy of Bitcoin (Bitcoin Cash, Bitcoin Gold and so) or to launch a new altcoin as well. S
by sunseb 9y ago
You can't duplicate physical gold, but it takes 30 seconds to launch a copy of Bitcoin (Bitcoin Cash, Bitcoin Gold and so) or to launch a new altcoin as well. So no, Bitcoin is not a store of value like Gold. This "Bitcoin is digital gold" excuse is what greedy people tell themselves (and others), because Bitcoin didn't work as money (to buy and sell stuff, yeah the original vision of Satoshi).
- tehsauce 9y agoExactly! The "limited supply" argument for the value cryptocurrency totally ignores the fact that anyone can fork or create a brand new token every day of the week. Nothing like gold or any assets tied to the physical world.
- sunseb 9y agoGold is the only metal that doesn't rust, even if it's buried in the ground for thousands of years. Gold is rare. And gold has the color of the sun. It's crazy if we think about that, it's like money made by the gods for us.
- ericb 9y agoPlatinum doesn't rust, neither does silver.
- bunderbunder 9y agoSilver corrodes quite readily. That's why you've got to keep polishing it if you want it to be shiny.
- ericb 9y agoGold's value comes from being a natural Schelling point, not it's intrinsic value. There are copies (silver, platinum) but they don't have the same value as they aren't serving as the main Schelling point. So the copies aren't a problem. The market will "pick" one over time, and then everyone will mostly use that because that's what everyone uses. Any of the crypto's could make a superior store of value vs. gold. https://en.wikipedia.org/wiki/Focal_point_(game_theory) https://en.wikipedia.org/wiki/Focal_point_(game_theory)