Re:Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'
by ChuckNorris89 on Saturday January 22, 2022 @05:01PM
(#30041241)
>that's how we have gold as a value store.
Except for one, not anymore, and two, the value of gold doesn't only come from speculation like in BTC, but from supply and demand from real world applications of gold, like semiconductors, electronics, aerospace, automotive, medical, etc. since it's one of the best electrical conductors and heat reflecting materials we have.
Without gold, we'd be screwed royally, making the current supply chain disruptions seem like a walk in the park. Without BTC, we could fork 1000 other crypto-coins onto which people can speculate on and nothing would be lost.
Re:Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'
by errantmind on Sunday January 23, 2022 @04:00AM
(#30044707)
This is false. Gold production far exceeds industrial demand to the point of it having almost no effect on price.
Re:Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'
by bshipp on Saturday January 22, 2022 @04:36PM
(#30041063)
if there was only one possible cryptocurrency then I'd agree that supply can't be grown exponentially.
However, there are new cryptos coming online every week it seems. Almost like growing different colored tulips.
I agree, that's how we have gold as a value store. However flower bulbs are not durable like gold and can grow exponentially on supply through farming - no surprise we don't store value in flower bulbs today. Bitcoin doesn't suffer from these issues.