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Except...gold has actual real world uses: industrial, and the often forgotten - jewellery. Bitcoin has some real world uses, but these are easily replaceable b
by brador 13y ago
Except...gold has actual real world uses: industrial, and the often forgotten - jewellery. Bitcoin has some real world uses, but these are easily replaceable by the next cryptocoin. So Bitcoin is not really like gold.
- streptomycin 13y agoReal world uses of gold don't come close to explaining its price. Also, I only claimed that it was a semi-decent analogy. There are many differences between gold and Bitcoins.
- sz4kerto 13y agoIt's a common fallacy referring to the 'real' use of gold. Most experts agree that if gold would only have the industrial value, then the price would be at maximum 5-10% of the current price. Jewellery is tricky, because gold is not only used for its physical characteristics, it also 'feels good' to know that you have real gold jewellery -- which goes back to the 'perceived value/store of value' problem.