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Gold'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 the
by ericb 9y ago
Gold'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)