Re:Is This the End of Crypto?
by runarberg on Thursday November 17, 2022 @12:53PM
(#33642800)
Your parent was talking about gold in the niche case of protecting from inflation, and passed no judgement over the merit of doing so, only that it was better then cryptocurrency in that particular niche.
If you want to purchase gold to protect your money from inflation (which you probably shouldn’t) then you probably buy it through some insured exchange—maybe even through your bank—that will keep it for you, if you don’t trust any exchange, that is your problem. If you need to transfer your money, or use it, then you’re not protecting it against inflation anymore are you? So you will just use regular money for that.
Anyway, you shouldn’t buy gold to protect your money from inflation. Instead you probably should just risk an inflation and keep your money in a savings account, or buy secure government bonds for it, or something.
If you want to purchase gold to protect your money from inflation (which you probably shouldn’t) then you probably buy it through some insured exchange—maybe even through your bank—that will keep it for you, if you don’t trust any exchange, that is your problem. If you need to transfer your money, or use it, then you’re not protecting it against inflation anymore are you? So you will just use regular money for that.
Anyway, you shouldn’t buy gold to protect your money from inflation. Instead you probably should just risk an inflation and keep your money in a savings account, or buy secure government bonds for it, or something.