News for hackers. Stuff that matters.

A comment on Major crypto lender Celsius freezes withdrawals as markets tumble. Parent comment

Re:Major crypto lender Celsius freezes withdrawals as market... by dan1234 on Monday June 13, 2022 @08:46AM (#31724728)
At least you'd still have the physical gold (which has utility) if the price went to zero. With crypto, all you'd be left with is a wallet address.
[ Parent | on HN ]
Re:Major crypto lender Celsius freezes withdrawals as market... by kanzure on Monday June 13, 2022 @09:23AM (#31725203)
If the market price of gold goes to zero, then no, by definition it has no remaining utility.
[ Parent | on HN ]
Re:Major crypto lender Celsius freezes withdrawals as market... by dan1234 on Monday June 13, 2022 @09:30AM (#31725285)
That's also why it'd probably never get close to zero - its utility means it'd always have some value to someone.

Even if we were to come up with a way to produce a synthetic gold, the price of gold would only fall as far the cost of synthetic gold.

[ Parent | on HN ]
Re:Major crypto lender Celsius freezes withdrawals as market... by politician on Monday June 13, 2022 @09:50AM (#31725559)
Does this line of reasoning imply that if Bitcoin never goes to zero then it must have some utility even if the random person on HN cannot articulate it?
[ Parent | on HN ]