3 ms·
I think gold makes more sense if you think of wealth as useful largely as a status indicator in the conspicuous consumption sens or peacocking. A gold necklace
by kipchak 6y ago
I think gold makes more sense if you think of wealth as useful largely as a status indicator in the conspicuous consumption sens or peacocking. A gold necklace displays wealth and presumably status in the same way designer clothes or a luxury car does.
Beaver pelts or cars wear down over time though unlike gold, and the amount of crypto one holds is hard to display ostentatiously, at least for now. BAT, Steemit or crypto.com's card colors based on staking amounts seem to be ideas heading in that direction though.
- thebean11 6y agoThere is a lot more "paper" gold than physical gold in jewelry or gold bars. The overwhelming of gold and gold derivatives are not using it to signal their status.
- kipchak 6y agoTrue, though the paper gold is valuable because someone could potentially take delivery, though that valuation on it's own is likely much less than it's current price if 1934-1970 is anything to go by.