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Diamonds were the original bitcoin. Knew a bit about the diamond business from growing up. - Required huge proof of work. - Few practical use cases. - Store
by motohagiography 8y ago
Diamonds were the original bitcoin.
Knew a bit about the diamond business from growing up.
- Required huge proof of work.
- Few practical use cases.
- Store of value.
- Highly portable.
- Price a function of liquidity.
- Clustered around use cases like capital flight, high denomination cash, opacity, and black market transactions, asset protection/hiding.
I would argue blockchain has done more harm to the diamond market than synthetic diamonds have. Between the two, it's been a perfect storm.
- gowld 8y agoDiamonds are a very poor store of value, as they depreciate 50% or more after initial purchase. Portability / Launderability, perhaps, but that's a bit different from "store"