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> You can build useful things with it. A vanishingly small percent of gold's value is attributable to its industrial use. Of all the gold ever mined in history
by dcolkitt 7y ago
> You can build useful things with it.
A vanishingly small percent of gold's value is attributable to its industrial use. Of all the gold ever mined in history, only something like 1% has been used in an industrial or construction context.
Maybe if you extend "useful things" to jewelry you might have a point. But almost assuredly jewelry is made out of gold because gold is expensive and valuable. Not the other way around.
If everyone on Earth tomorrow forgot about gold's historical role as a store of value, it might be worth $50 an ounce at most.
- defterGoose 7y agoWell, ok, but my point still stands. Even if the only reason gold has such high value is that everyone agrees it has value then it's the same as Bitcoin, but again, at the end of the day, it is physically useful and therefore less volatile.
- unhashable 7y agoYou might find this long-form article attempting to make an argument against “bitcoin has no intrinsic value” skepticism: https://medium.com/coinmonks/bitcoin-has-no-intrinsic-value-and-thats-great-e6994adbfe0f https://medium.com/coinmonks/bitcoin-has-no-intrinsic-value-...