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Consider the costs, both environmental and financial, to mine, secure and transport gold. How does it compare against Bitcoin? What intrinsic value (besides "o
by oarsinsync 6y ago
Consider the costs, both environmental and financial, to mine, secure and transport gold.
How does it compare against Bitcoin? What intrinsic value (besides "ooh, shiny") does gold actually have?
I agree that BTC and cryptocurrencies generally are utterly wasteful, but what too many look at is the headline figure of energy consumed, and not what energy is being consumed.
Disclaimer: I think BTC is a total waste of time, and I am long BTC because I think it'll buy me a house one day too.
(EDIT: I also have gold too)
- fakedang 6y agoGold can be used to make jewelry which is a big cultural thing in most of the Old World. It's still "ooh shiny" but it has value in being a tangible "shiny" good used to keep up appearances and show status. I don't know how you can show status with Bitcoin though. Maybe show your server farm or something.
- kralos 6y agoMost of the bitcoins i bought are super shiney! did you get dull ones?
- xirbeosbwo1234 6y agoI don't have much use for gold, either.
- Qwertious 6y agoGold is used to make electronics cheaper, and it's used in medicine.
- deleted 6y ago[deleted]
- AdrianB1 6y agoShiny gold prevents oxidation on electrical contacts and makes your computer work. In most chips there is a bit of gold, not a lot, so there is value in that.