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Gold is more valuable than cryptocurrency because 1) for a “by acclamation” store of value, the thousands of years and billions of people who recognize gold as
by ggg9990 9y ago
Gold is more valuable than cryptocurrency because 1) for a “by acclamation” store of value, the thousands of years and billions of people who recognize gold as an asset is a big advantage, and 2) you can’t make “forks” of gold unlike Bitcoin Cash, Dogecoin, etc.
- kylell 9y agoif you fork bitcoin you don't make more bitcoin, a forked bitcoin coin isn't exchangeable with the original, bitcoin value is in the community who reconize it as an asset, how you say, people recognize gold as an asset. Except history bitcoin has many other advantages to gold, and history is not that huge argument, times change.
- andrewla 9y agoWhat's funny about this comment is that literally every extent currency in the world is a fork of gold.
- vkou 9y agoYes, but unlike Dogecoin, those currencies have an army, a navy, and a tax collection office to give them value.
- Casseres 9y agoI read a comment on Reddit where some people were speculating about the future of their coin. (This is a coin with "masternodes" that vote on how to spend a discretionary mining tax.) They speculated that one day they might vote to hire mercenaries to protect the coin's value.
- vkou 9y agoAt the point that you need to hire mercenaries to protect your coin's value, why not just use them to rob people, or extort protection payments?
- Casseres 9y agoI don't know, and I'm not sure how mercenaries would affect the coin's value, but the thought is scary, and it offers a potential counterpoint to the comment about coins not having militaries giving them value.
- nerfhammer 9y agoFWIW, China was on silver