News for hackers. Stuff that matters.

A comment on Bitcoin is fiat money, too. Parent comment

Re:Bitcoin is fiat money, too by jdietrich on Saturday September 23, 2017 @12:52AM (#15318183)
The device you're using to read this comment couldn't function without gold. It's an incredibly useful element. Investment and speculation might have inflated the value of gold, but industrial demand sets a price floor.
[ Parent | on HN ]
Re:Bitcoin is fiat money, too by stinkypete on Saturday September 23, 2017 @02:12AM (#15318423)
Si is also incredibly useful but requires industrial processing to turn into something useful from an industrial standpoint.

Au is indeed useful, but not so much as nearly indicated by its current pricing. There's a _long_ history of human predilection for gold-as-a-magical-substance versus gold-as-an-industrially-useful-element.

[ Parent | on HN ]