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Which makes it better. Using gold as a store of value is inefficient. Only 11% of gold is used industrially, 89% of gold is literally wasted in financial games

Which makes it better. Using gold as a store of value is inefficient. Only 11% of gold is used industrially, 89% of gold is literally wasted in financial games where bitcoin or any other fiat store of value with low supply inflation could be used instead.

B-Con 2y ago
It makes it hard to value Bitcoin. It's not only almost 100% speculation, it doesn't have much history track record. Crypto bros need to understand that they aren't the first people to discover a speculation market, and just because they can dream of utility doesn't mean they test if the world wants to treat it as a reality. What they're doing is, from a financial perspective, boring and in many cases outdated.
sgt101 2y ago
My wife can't wear a bitcoin. She can wear a gold necklace and will be pleased to do it even if the price goes to 10%
- LudwigNagasena 2y ago
  What’s better: someone’s wife wearing a gold necklace, or a gold ignot sitting idle in Fort Knox? What’s better: someone living in a house, or a house sitting idle as a store of value? What’s better: someone storing his wealth in houses and gold ignots, or in special financial assets that don’t take away products from other people?
  - rvnx 2y ago
    Hoarded wealth is a stinking manure; used wealth is a fertilizer.
    - liontwist 2y ago
      > hoarded It’s bad to be able to transport wealth through time? Spend it or lose it? Never work hard now for later?
- mistercheph 2y ago
  Would she be happy to wear a necklace that appeared identical to gold to the naked eye, but anyone with a $10 instrument could demonstrate was not gold but something relatively worthless? If so, I have something I would like to sell you that your wife would really love.
  - 1659447091 2y ago
    I doubt she would be too pleased with the green stain left behind when taken off
- pfannkuchen 2y ago
  Doesn’t the appeal of gold as jewelry rely on it being expensive? I think if the price cratered its use in jewelry would probably plummet.
  - viraptor 2y ago
    It's the look. You also get resin / rock / clay / steel / ... (anything really) jewellery. It's not just about the price. And even then, a jewelry-sized gold piece is quite cheap.
pclmulqdq 2y ago
Industrial uses of gold aren't the only uses of gold. Like it or not, jewelry (among other decorative objects) containing actual gold is an enduring status symbol that is hard to 100% fake, and there is quite a large amount of the world's gold that is used for decorative purposes.
rsynnott 2y ago
Yes, using gold as a store of value is inefficient. You would generally expect returns worse than global equity markets over any significant period of time. You are at significant risk of _losing_ most of your money (adjusted for inflation, gold has never returned to its 80s peak, and was _much_ lower for most of the last 40 years). ~No-one should be investing in gold. And bitcoin is even _worse_ than gold, on the fundamentals; gold does have at least have that bit of intrinsic value (plus a few millennia of cultural cachet). Bitcoin has _nothing_.

B-Con 2y ago

It makes it hard to value Bitcoin. It's not only almost 100% speculation, it doesn't have much history track record. Crypto bros need to understand that they aren't the first people to discover a speculation market, and just because they can dream of utility doesn't mean they test if the world wants to treat it as a reality. What they're doing is, from a financial perspective, boring and in many cases outdated.

sgt101 2y ago

My wife can't wear a bitcoin. She can wear a gold necklace and will be pleased to do it even if the price goes to 10%

LudwigNagasena 2y ago
What’s better: someone’s wife wearing a gold necklace, or a gold ignot sitting idle in Fort Knox? What’s better: someone living in a house, or a house sitting idle as a store of value? What’s better: someone storing his wealth in houses and gold ignots, or in special financial assets that don’t take away products from other people?
- rvnx 2y ago
  Hoarded wealth is a stinking manure; used wealth is a fertilizer.
  - liontwist 2y ago
    > hoarded It’s bad to be able to transport wealth through time? Spend it or lose it? Never work hard now for later?
mistercheph 2y ago
Would she be happy to wear a necklace that appeared identical to gold to the naked eye, but anyone with a $10 instrument could demonstrate was not gold but something relatively worthless? If so, I have something I would like to sell you that your wife would really love.
- 1659447091 2y ago
  I doubt she would be too pleased with the green stain left behind when taken off
pfannkuchen 2y ago
Doesn’t the appeal of gold as jewelry rely on it being expensive? I think if the price cratered its use in jewelry would probably plummet.
- viraptor 2y ago
  It's the look. You also get resin / rock / clay / steel / ... (anything really) jewellery. It's not just about the price. And even then, a jewelry-sized gold piece is quite cheap.

pclmulqdq 2y ago

Industrial uses of gold aren't the only uses of gold. Like it or not, jewelry (among other decorative objects) containing actual gold is an enduring status symbol that is hard to 100% fake, and there is quite a large amount of the world's gold that is used for decorative purposes.

rsynnott 2y ago

Yes, using gold as a store of value is inefficient. You would generally expect returns worse than global equity markets over any significant period of time. You are at significant risk of _losing_ most of your money (adjusted for inflation, gold has never returned to its 80s peak, and was _much_ lower for most of the last 40 years). ~No-one should be investing in gold. And bitcoin is even _worse_ than gold, on the fundamentals; gold does have at least have that bit of intrinsic value (plus a few millennia of cultural cachet). Bitcoin has _nothing_.