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Exactly. And also, the investment in ASICs etc is not the same as opening a gold-mine. An ASIC can mine Litecoin or Bitcoin whichever is profitable, a gold-mine
by dullgiulio 9y ago
Exactly. And also, the investment in ASICs etc is not the same as opening a gold-mine. An ASIC can mine Litecoin or Bitcoin whichever is profitable, a gold-mine cannot start extracting petrol when that is more profitable. That's the intrinsic value of gold.
- ThomPete 9y agoAgain. You can't open a bitcoin mine. You can mine bitcoin but any fork of the bitcoin is not bitcoin anymore.
- dullgiulio 9y agoI wrote cryptocurrency mine, not Bitcoin mine. Cryptocurrencies as a whole are not scarce, unlike gold. Thus, they are not a substitute for gold.
- ThomPete 9y agoThat doesn't change anything. The focus of this discussion is whether bitcoin is like gold (i.e. does it have properties like gold). Bitcoins price is not based on how many cryptocurrency mines you can open. If that was the case bitcoins price would have gone down not up. And no one is claiming that crypto coins are substituting gold. No need for strawmen.