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and bitcoin has entertainment value, like a movie DVD. no one would spending $1000/oz on the world's supply of gold for semiconductance -- only a small amount o

• dragonwriter 14y ago
  > and bitcoin has entertainment value, like a movie DVD. Unlike the intrinsic value of gold (which, certainly, is much lower than its current market value), the entertainment value of bitcoin is unlikely to be retained in the event of the kind of crisis that would occur with the collapse in major internationally recognized soveriegn currencies like the dollar and euro. So, while bitcoin might have similar utility to gold on the assumption that major world currencies are largely, themselves, stable, its not better than gold as an insurance against those systems collapsing. Now, personally, I think that hoarding any type of alternative currencies against major collapse (rather than keeping reserves of simple useful survival items) is foolish, many of the arguments for both gold and bitcoin are premised around a supposedly-inevitable collapse of traditional major sovereign currencies (and, particularly, the US dollar.) And, while I think neither gold not BTC is a good choice to protect against that kind of contingency, I think its pretty clear that BTC is far worse than gold in that role.