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They're saying that gold is a cryptocurrency-like asset. Gold's value is primarily that looks cool and it serves as proof of work: the work of finding, mining,
by Ferret7446 4y ago
They're saying that gold is a cryptocurrency-like asset. Gold's value is primarily that looks cool and it serves as proof of work: the work of finding, mining, and processing it.
So basically, cryptocurrency (i.e. proof of work limited shiny token) has "a long history of a solid investment that goes back to ancient times on a global scale"
- epolanski 4y agoGold's value stems from its unique properties as a metal and of its scarcicity.
- hem777 4y agoBitcoin’s value stems from its unique properties as a digital network and of its scarcity.
- xigoi 4y agoWhat would those unique properties be?
- hem777 4y agoPermissionless, as in don’t need anyone’s approval and anyone can participate, transfer of value backed by trustless, as in don’t need to trust anyone’s word for it, global consensus system.
- epolanski 4y agoThis applies to every single cryptocurrency out there, it's not unique to Bitcoin.
- Ferret7446 4y agoAccording to the ancestor post, gold's unique practical properties (like for electronics) constitute very little of its market value. Most of its value comes from its unique property of looking pretty and its scarcity due to work needed to obtain it, which is again the same as cryptocurrency.