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A comment on Banks Are Fleeing Crypto. Bitcoin Investors Should Be Worried. Parent comment

Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by Ferret7446 on Monday January 09, 2023 @11:46PM (#34320634)
They're saying that gold is a cryptocurrency-like asset. Gold's value is primarily that looks cool and it serves as proof of work: the work of finding, mining, and processing it.

So basically, cryptocurrency (i.e. proof of work limited shiny token) has "a long history of a solid investment that goes back to ancient times on a global scale"

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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by epolanski on Tuesday January 10, 2023 @04:31AM (#34322368)
Gold's value stems from its unique properties as a metal and of its scarcicity.
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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by hem777 on Tuesday January 10, 2023 @05:54AM (#34322971)
Bitcoin’s value stems from its unique properties as a digital network and of its scarcity.
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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by xigoi on Tuesday January 10, 2023 @07:03AM (#34323515)
What would those unique properties be?
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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by hem777 on Tuesday January 10, 2023 @08:02AM (#34324184)
Permissionless, as in don’t need anyone’s approval and anyone can participate, transfer of value backed by trustless, as in don’t need to trust anyone’s word for it, global consensus system.
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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by epolanski on Tuesday January 10, 2023 @07:46AM (#34324002)
This applies to every single cryptocurrency out there, it's not unique to Bitcoin.
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Re:Banks Are Fleeing Crypto. Bitcoin Investors Should Be Wor... by Ferret7446 on Tuesday January 10, 2023 @03:54PM (#34331315)
According to the ancestor post, gold's unique practical properties (like for electronics) constitute very little of its market value. Most of its value comes from its unique property of looking pretty and its scarcity due to work needed to obtain it, which is again the same as cryptocurrency.
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