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“It delegitimizes the argument that Bitcoin is like gold,” said Vetle Lunde, an analyst for Arcane. “Evidence points in favor of Bitcoin just being a risk asset
by Johnny555 4y ago
“It delegitimizes the argument that Bitcoin is like gold,” said Vetle Lunde, an analyst for Arcane. “Evidence points in favor of Bitcoin just being a risk asset.”
People said that Bitcoin is like gold, an actual physical asset?
- next_xibalba 4y agoWhat is the intrinsic value of gold?
- whatever1 4y agoManufacturing & jewelry. If you cut the supply of gold tonight, tomorrow morning there will be lost utility in the society irreparably. If bitcoin disappears tonight, tomorrow will be Thursday.
- next_xibalba 4y agoBrass can also be used for jewelry. Why is gold more valuable than brass? Look up gold’s use by mass. It is dominated by gold’s value being a social construct.
- whatever1 4y ago"Brass can also be used for jewelry. Why is gold more valuable than brass?" Because your wife says so. Yes jewelry in genaral is a social construct, but it is not replaceable. At least it was not for the past 5000 years.
- hammyhavoc 4y agoWow, what a sexist archaic view. Learn about scarcity value.
- throw-ru-938 4y agoMy cat's hair is even more scarce. Does not mean it has more value than gold.
- ramphastidae 4y agoIs it? Who is buying your cat’s hair? What’s the market price?
- CPLX 4y agoRight but it’s a social construct that’s endured across millennia and multiple different unrelated cultures. When the Spanish discovered the “new world” they didn’t have to convince the locals that gold was valuable they’d been hoarding it too. For centuries, without any communication or contact at all. It’s been held as a high value asset in basically every iteration of humanity that’s existed, including today’s. That’s about as close a definition of intrinsic as you’re going to get in this world.
- bluehorseray 4y agoHave you ever held 24k gold? It's actually beautiful, and I think that's why it's consistently been valued throughout history. Couple that with scarcity and I think it will always be valuable. https://youtu.be/94S3S3NTTdA?t=550 https://youtu.be/94S3S3NTTdA?t=550
- RuggedPineapple 4y ago>If you cut the supply of gold tonight This is very much a tangent, but my favorite fun fact is that if you got all the gold humans have ever mined and put it in one place, its smaller then you'd think. It would be a cube about 70 feet on each side. Most metals, including gold, are infinitely recyclable. There's a good chance any gold jewelry you have has quite a past, having been melted down and reforged quite a few times.
- whatever1 4y agoIt would be a very heavy swimming pool though :)
- RuggedPineapple 4y agoOh man, would it ever. 205k tonnes. Jewelry is the largest share too at about half, 96k tonnes of gold is currently jewelry.
- whatever1 4y agoWhich will be recycled as you pointed out. Now for the ~40% that goes to electronic manufacturing, I don't know how much we can easily recover.
- next_xibalba 4y agoVery late reply, but I just have to say: this absolutely blows my mind! Thank you for sharing!
- Proven 4y ago
- deleted 4y ago[deleted]
- bagacrap 4y agoand USD is a physical asset? gold is actually not doing very well either in this inflationary environment due to rising interest rates. Gold bugs are pissed.
- vp8989 4y agoYear to date -> The market is down almost 20%, long treasuries are down almost 18%, IAU (gold ETF) is up 2.75% Seems like it's doing it's job quite nicely.
- moralestapia 4y ago>and USD is a physical asset? It's not but there's definitely a difference between: BTC: 0.5 trillion market cap USD: ~1,000.0 trillion market cap Also, BTC could just dissapear overnight, really, while USD is the de facto currency of the world so ...
- Finnucane 4y agoMuch of the btc rhetoric is essentially a techy version of the crap goldbugs have saying since FDR at least.