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I don't quite get why everyone seems to get onto the environment train with crypto but seem to have had no issues with gold

rhn_mk1 6y ago
That's a false dichotomy.
thomastjeffery 6y ago
Because we don't have any alternative to gold.
- JohnJamesRambo 6y ago
  As far as I know (last time I googled it) if speculation was removed and hoarding, gold would be worth about $100 an ounce for the things we need it for. So yes we do have alternatives to gold. Things such as Bitcoin and crypto, which keep going up in value, while gold speculation has stagnated and is even going down. Weakening dollar and massive debts due to the pandemic should mean gold skyrockets, but people are buying the alternatives. It looks grim for gold. Tesla didn’t buy gold, they bought Bitcoin.
  - strangeattractr 6y ago
    What would be the price of BTC if speculation and hoarding was removed?
bhaak 6y ago
Warren Buffett, the renowned investor, famously dismissed gold in a speech given at Harvard in 1998. He said: “It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” It sucks that gold is so desired just for its look. If it were cheaper it would be used a lot more for technological devices. I can't wait until asteroid mining crashes the gold price and hopefully puts an end to the ecological disaster that is gold mining.
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- tibbydudeza 6y ago
  The same about diamonds.
  - perryizgr8 6y ago
    At least diamonds have utility in cutting tools etc.
  - seunosewa 6y ago
    Diamonds are worse; they are only expensive because the supply is artificially restricted, and the marketing makes it obligatory for every groom to buy a diamond ring.
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- olah_1 6y ago
  Buffet’s opinion of gold is not at all surprising considering his profession.
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rhn_mk1 6y ago

That's a false dichotomy.

thomastjeffery 6y ago

Because we don't have any alternative to gold.

JohnJamesRambo 6y ago
As far as I know (last time I googled it) if speculation was removed and hoarding, gold would be worth about $100 an ounce for the things we need it for. So yes we do have alternatives to gold. Things such as Bitcoin and crypto, which keep going up in value, while gold speculation has stagnated and is even going down. Weakening dollar and massive debts due to the pandemic should mean gold skyrockets, but people are buying the alternatives. It looks grim for gold. Tesla didn’t buy gold, they bought Bitcoin.
- strangeattractr 6y ago
  What would be the price of BTC if speculation and hoarding was removed?

bhaak 6y ago

Warren Buffett, the renowned investor, famously dismissed gold in a speech given at Harvard in 1998. He said: “It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” It sucks that gold is so desired just for its look. If it were cheaper it would be used a lot more for technological devices. I can't wait until asteroid mining crashes the gold price and hopefully puts an end to the ecological disaster that is gold mining.

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tibbydudeza 6y ago
The same about diamonds.
- perryizgr8 6y ago
  At least diamonds have utility in cutting tools etc.
- seunosewa 6y ago
  Diamonds are worse; they are only expensive because the supply is artificially restricted, and the marketing makes it obligatory for every groom to buy a diamond ring.
  - deleted 6y ago
    [deleted]
olah_1 6y ago
Buffet’s opinion of gold is not at all surprising considering his profession.
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