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Bitcoin compared to gold and actual limitation vs artificial
- Thread starter BlueManifest
- Start date
OP
OP
Not sure what it's trading at now but it's value would only increase in the event of a major crisis
what does one trade gold for? why would whatever this value of gold is go up in the even of a major crisis?
That's not how bitcoin is structured.
To flip that switch miners have to vote their approval of that switch.
It becomes increasingly difficult to make changes when the number of voters increases.
OP
OP
Gold was worth a lot a long time ago even before the modern age? If some crisis took us a way back like worse than Great Depression etc
i remember the good old days, when money was just a giant rock with a hole in the middle
Nice stealth brag post, pupper.
Be careful someone doesn't come bye with a team of twelve oxen and a cart to pick your pocket.
OP
OP
Ok let's just say hypothetically we had a global power outage. We can't trade over computers and whatnot again. Why wouldn't we just use dollars for trade like people did 100 years ago? Unlike gold dollars are available in vast quantity and are simple to make once people figured out how to print mechanically again. Right now I think most gold is in bullion block form and would have to be melted down to coins again. So it's not as valuable in a situation like this.
OP
OP
Maybe they would keep using dollars idk
I know they wouldn't be using digital currency though
Doesn't matter. Any form of currency only has value because we say it has value.
OP
OP
Most likely dollars since more people have it, but gold would probably increase in value a lot and the few people that have gold would have more buying power than the people with only dollars imo
Either way, digital would be worth 0
Fun fact OP: things have value because people happen to find worth in it for any number of cultural, biological, or other sociological factors, and scarcity is a useless quality without said value.
Everyone's just going to repeat this over and over again until you get it.
Everyone's just going to repeat this over and over again until you get it.
Gold doesn't have anymore value as Bitcoin. These things have value as currency because we say they have value. If society collapsed or something like that people wouldn't start using gold again because not everyone has it. There's a reason Fallout has bottle caps as currency, they were everywhere and pretty much worthless pre fallout. Post fallout something like that is useful for trade because everyone already has some bottlecaps.
But couldnt you buy actual stocks in a bitcoin company ? That would be the stock market
Why exactly do you think gold would rise in value?
Gold is used in quite a few industries so would it really hold as much value as it does now without those industries?
OP
OP
Because gold has a 2000 year history and has always been worth something since discovered, maybe it wouldn't, just imo it would based on history
nobody is gonna give a fuck about history if society collapses
It actually costs a lot more than zero. You need a rig capable of doing the algorithm plus the time and energy consumption of that rig/rigs/cluster built just for mining.
I've never done it myself so I have no idea how it's actually done, but it ain't cheap.
