Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin
by moxious on Thursday November 30, 2017 @11:07AM
(#15816815)
Please avoid getting too wrapped up in the metaphor. You don't mine it, there's no TNT involved, that's just a word.
And it may behave "like" gold in some respects but in many other crucial ones it does not.
BTC is not a useful raw material in any industrial process. It requires a P2P network and extensive global infrastructure, so it won't still be sitting there inert in 1,000 years, when the Power is out, in a crisis. BTC can't be alloyed with other cryptocurrencies to produce other value added products.
You can't put BTC leaf on your fancy pastries. There are no other downstream businesses that specialize in assaying the purity of your bitcoin.
And it may behave "like" gold in some respects but in many other crucial ones it does not.
BTC is not a useful raw material in any industrial process. It requires a P2P network and extensive global infrastructure, so it won't still be sitting there inert in 1,000 years, when the Power is out, in a crisis. BTC can't be alloyed with other cryptocurrencies to produce other value added products.
You can't put BTC leaf on your fancy pastries. There are no other downstream businesses that specialize in assaying the purity of your bitcoin.