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Gold has been valuable for centuries. There is no BitGold network that, if it went under, would cause your gold to simply evaporate. Once mined and processed,
by Ensorceled 6y ago
Gold has been valuable for centuries. There is no BitGold network that, if it went under, would cause your gold to simply evaporate. Once mined and processed, gold is incredibly stable, 2000 year old gold coins can be dug up and sold as antiques.
All currencies have value, not because "humans" value them, but because some organization of humans said "this piece of paper is legal tender". They lose their value when that political organization falters. What political organization is behind bitcoin etc.
Beaver pelts stopped being useful as a "currency" when there was no ready market for furs, it was never a currency, it was a fungible asset.
- gher-shyu3i 6y ago> There is no BitGold network that, if it went under, would cause your gold to simply evaporate. However, if a government does go down, then its currency evaporates.
- amoitnga 6y agobut gold doesn't
- dragonwriter 6y ago> However, if a government does go down, then its currency evaporates. Sometimes, sometimes the successor regime accepts/redeems it; I think that has been far more common when governments actually failed in the modern era.