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I doubt it. Buying gold is irrational in most situations. People do it because it "feels" safe and I'd argue BTC definitely does not.
by ng12 9y ago
I doubt it. Buying gold is irrational in most situations. People do it because it "feels" safe and I'd argue BTC definitely does not.
- AnimalMuppet 9y agoI disagree. I think gold functions, essentially, as a short on paper currencies.
- ng12 9y agoI didn't say you can't make money buying gold, just that gold is driven by irrational fear.
- AnimalMuppet 9y agoAnd I still disagree. Deciding you want a way to short paper currencies can, at times, be very rational. Does gold fulfill that function reasonably well? Yes, I think history shows that it does. So it can be very rational to buy gold. (Perhaps "short" was the wrong word. But it is where people go - with reason - when they're losing confidence in fiat currencies.)
- hyperbovine 9y agoExactly. There is a reason that the BTC icon is ... a gold coin.