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Gold has little to no utility. There are a few practical uses for it, and very limited when compared to other precious metals (silver for example). The price i
by mbesto 6y ago
Gold has little to no utility. There are a few practical uses for it, and very limited when compared to other precious metals (silver for example).
The price is based purely on speculation that it will go up. Which is frankly not much different from Bitcoin in its current form.
In order for gold to have more utility it either needs to be used as a medium of exchange or other new uses that utilize its precious metal properties.
- fredfoobar 6y agoWith Bitcoin, I can at least use it for transactions online. Which is almost 100% of my method of procuring stuff now, I also work for a company that facilitates that!
- mbesto 6y agoI can also use gold to barter in person. The point is that Bitcoin reach as a medium of exchange is limited. I would argue on a global scale, it's as limited as gold.
- fredfoobar 6y agoYeah, you're not gonna give me a fake gold coin in exchange for whatever you wanted from me. I'll trust you to be honest and give me 100% pure gold.
- mbesto 6y agoYou mean just like all of the <insert random scam>coins out there or <insert random wallet> that gets hacked? You realize there are brokers who help exchange gold right?
- fredfoobar 6y agoOh, the "Bitcoin can be hacked" narrative again. You realize you can manage a bitcoin wallet yourself right? I'm a software engineer, I trust the code that I can verify myself. And, regarding the brokers, I'd rather trust a decentralized public ledger than some dude's private ledger. Thanks. Like, keeping gold in your house is gonna prevent you from being hacked (to death)
- mbesto 6y agoThat's....my point.
- GlennS 6y agoI personally avoid gold because I think the price is distorted by the nutters. But I don't really have any evidence to support my position. Do the nutters have enough money to move the price?