Re:Bitcoin has few attributes of money but all the attribute...
by dagmx on Thursday April 22, 2021 @02:42AM
(#26899530)
Are we just glossing over the 48% listed for jewelry which is a huge market?
I'm not sure your analogy of GPU mining hardware makes sense to me. You can have Bitcoin without having GPUs. Just like you can have gold without having a mining operation.
So if Bitcoin crashes to some hypothetical value tied to consumability, you're left with nothing. Whereas gold is still something you could sell for industrial and fashion use.
I don't think there's a good analogy between cryptocurrency and gold because they're not very similar at all unless people only narrow the scope to long term holdings and ignore risk/speculation.
Re:Bitcoin has few attributes of money but all the attribute...
by pfisch on Thursday April 22, 2021 @07:58AM
(#26901730)
The jewelry use is 99% tied to gold's perceived valuation and is used as a way to display opulence and wealth. It is just an extension of gold being a store of value.
I'm not sure your analogy of GPU mining hardware makes sense to me. You can have Bitcoin without having GPUs. Just like you can have gold without having a mining operation.
So if Bitcoin crashes to some hypothetical value tied to consumability, you're left with nothing. Whereas gold is still something you could sell for industrial and fashion use.
I don't think there's a good analogy between cryptocurrency and gold because they're not very similar at all unless people only narrow the scope to long term holdings and ignore risk/speculation.