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Well, to start, 10% of gold production goes to the electronics industry. Therefore, one could say that gold was used to manufacture products we use to serve and
by ipython 4y ago
Well, to start, 10% of gold production goes to the electronics industry. Therefore, one could say that gold was used to manufacture products we use to serve and view the very site on which we are discussing this topic.
I agree, the world has changed substantially because of cryptocurrencies. The amount of breathless hype has reached critical levels. As for use case, well, I hear that ransomware is now a multi billion dollar industry. Congratulations?
- roenxi 4y agoHow many millennia did it take between gold being a big deal and the development of electronics? Two? If bitcoin finds a practical use in the next century it'll be far speedier.
- twelve40 4y agoIt was truly the store of value before people invented paper money and later digital bank accounts. That was the killer practical purpose for gold, silver, etc. - it was concentrated value that you could easily split, transport (compared to other options) and store. So it was serving a very practical purpose for millenia as you say, and there really were no options or alternatives that came close to it at the time. Historically it retained some of that allure, but now who cares? Now it seems to be a cute historical artifact of its past very tangible purpose in society. Fast forward to today, cryptocurrencies are just a twist on the existing financial system, which already has plenty of options for store of value, electronic trading, other things we have today in our networked world. You can argue how much of an improvement it brings (I think not much), but it is 100% not the killer value store that precious metals used to be in their heyday (when they had no alternatives).