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> You could buy gold but it can be easily stolen. So can your bitcoin wallet, or you could forget your key or lose your hard copy. > People need gold but bett

by croon 9y ago

> You could buy gold but it can be easily stolen. So can your bitcoin wallet, or you could forget your key or lose your hard copy. > People need gold but better. Debatable. > Bitcoin is just that assuming bitcoin network survives. No, you can fork bitcoin, or create a thousand slightly different blockchains, and you can replace it in the blink of an eye. However weird gold is, it is a finite resource with real world applications (albeit not unique for most of them). And I'm sure you can buy a number of funds or stocks backed by gold, if that's your thing. But you also have thousands of other stocks and funds, and real estate, and micro financing, etc where your money can both work for you while also potentially benefiting the world. Bitcoin without any application is a pyramid scheme, by definition. You put money in, to take money out later when more people have entered the system.

scotty79 9y ago
> So can your bitcoin wallet, or you could forget your key or lose your hard copy. You can also encrypt your wallet, put it in few public places on internet and not forget a key. And be completely safe. Gold is much harder to secure. >> People need gold but better. > Debatable. People always need better versions of things they already have. > No, you can fork bitcoin, or create a thousand slightly different blockchains, and you can replace it in the blink of an eye. It has already happened, didn't replace bitcoin. > However weird gold is, it is a finite resource with real world applications (albeit not unique for most of them). Real world applications of gold don't justify any significant fraction of its price. Most of the value comes from scarcity and durability, properties that bitcoin has. Again assuming bitcoin network doesn't die. > But you also have thousands of other stocks and funds, and real estate, and micro financing, etc where your money can both work for you while also potentially benefiting the world. When you buy bitcoin you also pass money around to people that need it more than you at the moment.

by croon 9y ago

scotty79 9y ago

> So can your bitcoin wallet, or you could forget your key or lose your hard copy. You can also encrypt your wallet, put it in few public places on internet and not forget a key. And be completely safe. Gold is much harder to secure. >> People need gold but better. > Debatable. People always need better versions of things they already have. > No, you can fork bitcoin, or create a thousand slightly different blockchains, and you can replace it in the blink of an eye. It has already happened, didn't replace bitcoin. > However weird gold is, it is a finite resource with real world applications (albeit not unique for most of them). Real world applications of gold don't justify any significant fraction of its price. Most of the value comes from scarcity and durability, properties that bitcoin has. Again assuming bitcoin network doesn't die. > But you also have thousands of other stocks and funds, and real estate, and micro financing, etc where your money can both work for you while also potentially benefiting the world. When you buy bitcoin you also pass money around to people that need it more than you at the moment.