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What is your estimate about Gold? I say Bitcoin and Gold serve roughly the same purpose.
by RestlessMind 3y ago
What is your estimate about Gold? I say Bitcoin and Gold serve roughly the same purpose.
- patmcc 3y agoLooks like gold mined gets diverted to: 47% investment and central1 banks 45% jewellery 7% tech/industrial applications See https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in... and https://natural-resources.canada.ca/our-natural-resources/minerals-mining/minerals-metals-facts/gold-facts/20514 https://natural-resources.canada.ca/our-natural-resources/mi... - don't exactly agree, but close. (and, importantly, it doesn't require terawatt-hours to maintain gold once you've mined it).
- RestlessMind 3y agoSo basically, 92% of gold is purely due to social conditioning and invented belief. > (and, importantly, it doesn't require terawatt-hours to maintain gold once you've mined it). I am pretty sure collective security spent on gold worldwide exceeds terawatt hours once you account for all the physical security as well.