4 ms·

Roughly the same argument could be applied to gold, and yet it has been used as a value store for ages. Can't say I like crypto, but I think better arguments c

by 3form 5mo ago

Roughly the same argument could be applied to gold, and yet it has been used as a value store for ages. Can't say I like crypto, but I think better arguments can be made against it.

grey-area 5mo ago
Gold has a use value.
- kedihacker 5mo ago
  90% percent of gold is used in jewelry or bars so use value isn't that much unless price is prohibiting use cases.
  - grey-area 5mo ago
    Jewellery is a use for gold, people like it because it is pretty and shiny and easily worked not just because it is rare. The artificial scarcity and lack of actual use of bitcoin really isn’t the same.
  - cindyllm 5mo ago
    [dead]
- 3form 5mo ago
  So do beanie babies. Might be less than gold, but that's why I'm calling this argument flawed. The second part is that despite these disclaimers, I don't think gold has, in modern history, or will in our lifetimes, reach a price reflecting just the use/intrinsic value. The reasons being twofold: the storage of value IS a use itself; and importantly, which applies to Bitcoin and others, there are always people that will be willing to buy the dip, which is how the requested new generation of "fools" comes from.
  - lern_too_spel 5mo ago
    > the storage of value IS a use itself And for this, having a private ledger is cheaper and more efficient for moving stored value in a way that is recoverable by law and doesn't support sanctioned regimes.