3 ms·

It's only worth something if someone else values it vs. physical gold.

• snapcaster 3y ago
  Of course, this is also true of physical gold though. If all non-industrial use of gold were to end the price would collapse
  • losteric 3y ago
    That's a tautology.... The aesthetic and industrial applications of gold are what makes it intrinsically valuable - that being the key distinction, and distinct from Bitcoin. If you ignore the useful aspects, of course it's no different from any useless thing.
• sapphicsnail 3y ago
  Gold's value is mostly disconnected from it's utility. We've just decided it's valuable for a longer period of time so less people question it.
  • tempestn 3y ago
    The time period is part of it, but I think the physicality matters too. You can debate gold's inherent value as you can with bitcoin, but you can't argue that it's not even a thing that exists. You also can't create more of it - which some would argue you can't with bitcoin either, but all it would take is consensus. Plus one could argue that other coins are equivalent goods.