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Re:Tether price manipulation by doggosphere on Friday January 08, 2021 @03:12PM (#25689770)
Gold is relatively stable and has physical backing.

Up to 4% of China's gold reserves could be fake. Gold fraud article: https://economictimes.indiatimes.com/news/international/worl...

Bitcoin is open source and completely auditable in an instant.

As the price of gold goes up, the quantity supplied goes up. Bitcoin's issuance protocol is fixed and unchangeable unless the network agrees.

The cost of securing or transporting $1b of gold bars is magnitudes higher than the cost of securing $1b of Bitcoin.

Re:Tether price manipulation by incrudible on Friday January 08, 2021 @04:37PM (#25690833)
Securing $1 billion of bitcoin? Who needs to secure $827 million of Bitcoin? Securing $937 million of Bitcoin is not a killer app.

In all seriousness, securing the value of Bitcoin is the problem that is not easily solved.

Re:Tether price manipulation by doggosphere on Friday January 08, 2021 @05:05PM (#25691131)
Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers.

Securing external value to people is not a goal or responsibility of Bitcoin. That's simply a consequence to how we as humans choose to use scarce assets.

Re:Tether price manipulation by incrudible on Friday January 08, 2021 @07:17PM (#25693115)
> Securing external value to people is not a goal or responsibility of Bitcoin.

Fair enough, but then your comparison to physical gold is meaningless. Physical gold is generally used to store value, not to transfer it.

For that purpose, you have paper money (or paper gold such as futures) which is cheap to transfer.

Re:Tether price manipulation by doggosphere on Friday January 08, 2021 @10:25PM (#25696247)
Gold has had thousands of years to equalize in value.

Bitcoin is about 12 years old.

Re:Tether price manipulation by incrudible on Saturday January 09, 2021 @06:11AM (#25699424)
Alright, then maybe in a hundred years your gold comparison will be meaningful, but not today.
Re:Tether price manipulation by doggosphere on Saturday January 09, 2021 @11:48AM (#25701905)
Disruptive technology is disruptive.

Tell someone from the past to imagine having godlike computing power in your pocket, and they'd say "why would anyone want that?"

Re:Tether price manipulation by incrudible on Saturday January 09, 2021 @03:49PM (#25704594)
I'm not sure what your point is right now. Sure, it's "disruptive technology", that doesn't mean it can be used to store value into the future.

Computers that are decades old, which were "disruptive technology" at the time, are scrapped today - for their gold.