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Why would anybody mine gold on asteroids if you would use Bitcoins instead? For technological purposes existing amount of gold is more than enough and it will m
by oleganza 14y ago
Why would anybody mine gold on asteroids if you would use Bitcoins instead? For technological purposes existing amount of gold is more than enough and it will mostly shift in that area.
If (when) Bitcoin proves to be the world money, who would need to pay for gold storage/verification/transport? In such case gold price will go down and it will be much more used in production processes than today.
- InclinedPlane 14y agoI don't know what point you're trying to make here. People will mine Gold on asteroids as a byproduct of mining for everything else. And they will mine Gold because it has value (as jewelry, in industry, etc.) And over time so much Gold will be mined in such a way as to vastly change the value of Gold and transform it as a medium of stored value.
- oleganza 14y agoI meant that we already have a lot of gold sitting in the vaults because it's more valuable this way. As a ledger, that is. Only a tiny portion is used for technology and jewelry. In case Bitcoin makes gold too expensive to use as money before mining asteroids gets profitable, you would have plenty of gold for tech purposes already mined and available. If Bitcoin will be as good as some people think, no one will mine gold at all because there is enough of it in the vaults for many decades of use in production.