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> For years, analysts have gone on channels like CNBC calling Bitcoin “digital gold”, and many everyday crypto investors truly believe that. This has always be
by AlexandrB 2y ago
> For years, analysts have gone on channels like CNBC calling Bitcoin “digital gold”, and many everyday crypto investors truly believe that.
This has always been silly. You can stick gold in a basement and come back 200 years later to find it completely intact. Redeeming bitcoin depends not only on a functioning software ecosystem (imagine trying to run today's software 200 years from now) but also on the mining community continuing to operate forever.
Bitcoin's primary appeal has always been unregulated, online exchange of value.
- big-green-man 2y agoYep, I like to frame it as: gold is secured on the bare metal of the universe. Bitcoin is secured via an abstraction and therefore has a continuous overhead. Holders are free riders in bitcoin; their value is secured by those actually using the currency. But due to the capped supply and capped blocks, fees tend upward, incentivising holding over using. This drives miner revenue, and therefore security, and therefore value of holders' coins, down over time.