3 ms·
>Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere". It's even worse than that because gold is palpable can be used to make
by frozenport 12y ago
>Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere".
It's even worse than that because gold is palpable can be used to make things.
- jasonisalive 12y agoGold's value in industrial uses is a fraction of its market value, just like the value of a dollar bill for industrial uses (wallpapering, rendering to make paper, burning for heat etc etc) is a fraction of its market value too. Ultimately all currencies are overvalued because they represent the stored savings energy of all deferred purchases. One commodity must fulfil this function (allowing people to defer the completion of trades) and that commodity must be valued above its "inherent" value.