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Is there a practical difference? “The price may fall” is a nice way to say “the value would be mostly erased” Like with any store of value, the value of bitco

by dartos 2y ago

Is there a practical difference? “The price may fall” is a nice way to say “the value would be mostly erased” Like with any store of value, the value of bitcoin is backed by the fact that people believe it holds value. Unlike gold, however, bitcoin has no practical value in and of itself. (Gold, at least, looks pretty and doesn’t really decay. It’s a great conductor of electricity too) Bitcoin also isn’t as eternal as gold. In a doomsday scenario where global internet access goes down, gold would still work, bitcoin would not. You can’t debase gold either. So what value does bitcoin have? It’s easier to transfer, maybe? (One must compete with gas prices IIRC)

rikafurude21 2y ago
“the value would be mostly erased” implies that the price goes down to 0, which is alot more extreme than price fluctuation. Gold wouldnt survive your doomsday scenario either, if youre going that far to find the fault in bitcoin then you will also have to concede that your gold is just going to be a metal, worthless in a scenario where guns and bullets mean holding power, no matter how pretty it looks or which technologies depend on it.
- 20after4 2y ago
  So perhaps bullets would be the best store of value?
  - rikafurude21 2y ago
    if you expect doomsday to come anytime soon, sure
  - dartos 2y ago
    Metro had it right
- dartos 2y ago
  > “the value would be mostly erased” implies that the price goes down to 0 No, it means the value would be much much closer to 0 than it is now. That’s why I said “mostly erased” and not “entirely erased” > Gold wouldnt survive your doomsday scenario either Yes it would… if the internet goes down, gold will still “survive.” It’s not going anywhere… > if youre going that far to find the fault in bitcoin then you will also have to concede that your gold is just going to be a metal “a metal” has inherent value as a material. A record in a digital ledger does not… > worthless in a scenario where guns and bullets mean holding power, no matter how pretty it looks or which technologies depend on it. You say that, but historically gold was valuable even though technology didn’t depend on it and even though guns existed. Even before that, actually. It’s strange that I need to explain that…
  - rikafurude21 2y ago
    inherent value as a material assuming there is a market to sell it at, no? We were talking about your doomsday scenarios, no internet and all, which means there wont be a market. So yes, even if it "survives", its just a metal. No inherent value except maybe when civilization is rebuilt we can use it to make technology. Historically gold was valuable because it was somewhat rare and you could barter with it.
    - dartos 2y ago
      > no internet and all, which means there wont be a market Please tell me that you know that markets have existed and exist without the internet. In those markets, gold is and was valued… > Historically gold was valuable because it was somewhat rare and you could barter with it. Historically and currently. The existence of the internet doesn’t change that…

by dartos 2y ago

rikafurude21 2y ago

“the value would be mostly erased” implies that the price goes down to 0, which is alot more extreme than price fluctuation. Gold wouldnt survive your doomsday scenario either, if youre going that far to find the fault in bitcoin then you will also have to concede that your gold is just going to be a metal, worthless in a scenario where guns and bullets mean holding power, no matter how pretty it looks or which technologies depend on it.

20after4 2y ago
So perhaps bullets would be the best store of value?
- rikafurude21 2y ago
  if you expect doomsday to come anytime soon, sure
- dartos 2y ago
  Metro had it right
dartos 2y ago
> “the value would be mostly erased” implies that the price goes down to 0 No, it means the value would be much much closer to 0 than it is now. That’s why I said “mostly erased” and not “entirely erased” > Gold wouldnt survive your doomsday scenario either Yes it would… if the internet goes down, gold will still “survive.” It’s not going anywhere… > if youre going that far to find the fault in bitcoin then you will also have to concede that your gold is just going to be a metal “a metal” has inherent value as a material. A record in a digital ledger does not… > worthless in a scenario where guns and bullets mean holding power, no matter how pretty it looks or which technologies depend on it. You say that, but historically gold was valuable even though technology didn’t depend on it and even though guns existed. Even before that, actually. It’s strange that I need to explain that…
- rikafurude21 2y ago
  inherent value as a material assuming there is a market to sell it at, no? We were talking about your doomsday scenarios, no internet and all, which means there wont be a market. So yes, even if it "survives", its just a metal. No inherent value except maybe when civilization is rebuilt we can use it to make technology. Historically gold was valuable because it was somewhat rare and you could barter with it.
  - dartos 2y ago
    > no internet and all, which means there wont be a market Please tell me that you know that markets have existed and exist without the internet. In those markets, gold is and was valued… > Historically gold was valuable because it was somewhat rare and you could barter with it. Historically and currently. The existence of the internet doesn’t change that…