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Bitcoin mostly follows the S&P 500 now. No one actually cares about the technical merits. If they did, it'd probably be worth nothing because it's worse than ou
by hypeatei 1y ago
Bitcoin mostly follows the S&P 500 now. No one actually cares about the technical merits. If they did, it'd probably be worth nothing because it's worse than our current financial system in every way: slow, irreversible transactions on a public ledger.
- scottiebarnes 1y agoAnd how does it compare to gold?
- hypeatei 1y agoGold is a shiny, tangible thing that doesn't require electricity and it doesn't put all your transactions on a public ledger. Oh, and it lasts basically forever plus it's malleable so you can get it down to quite small denominations.
- scottiebarnes 1y agoAh, so gold is a shiny rock that doesn't have a decentralized transmission network (the internet). Mining and smelting gold requires quite a bit of electricity. But Bitcoin the network undoubtedly uses more. As for small denominations, Bitcoin goes down to a single unit of Satoshi (1/100 millionth of a btc) and since its digital, subdivision is trivial. So despite this, there are far more retail and commercial opportunities to exchange your btc for goods and services, where as I don't know of any place I can trade gold coins for things.
- carlosjobim 1y agoGold is the best thing which has ever existed in the universe, mind your tongue.
- tim333 1y agoGold has the issue that you can mine a lot more of it. The supply of bitcoin is capped.
- yifanl 1y agoThe supply of Gold is capped too, it's just further out.