Funds of every Trust Wallet browser extension could have been stolen

Re:Funds of every Trust Wallet browser extension could have ... by mrkstu on Monday May 01, 2023 @09:25AM (#35772483)

They (i.e. materials like gold/silver) have inherent value as being relatively difficult to obtain without significant work and being useful in creating valuable objects.

Because of those properties they become a store of value (representing the work and rarity) which then makes them a useful proxy for trading that value, which increases their rarity/value by taking it out of circulation when used as a store of value.

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Re:Funds of every Trust Wallet browser extension could have ... by Robotbeat on Monday May 01, 2023 @10:27AM (#35773226)

Still, it should be said the vast majority of the value of gold is contextual. Just like aluminum before we perfected ability to make it cheaply.

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Re:Funds of every Trust Wallet browser extension could have ... by codedokode on Monday May 01, 2023 @10:59AM (#35773704)

Can we conclude that gold is similar to cryptocurrency because of this?

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Re:Funds of every Trust Wallet browser extension could have ... by mrkstu on Monday May 01, 2023 @12:32PM (#35775211)

As a store of work, sure,

The difference being the currency in this case has no inherent value to fall back upon.

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Re:Funds of every Trust Wallet browser extension could have ... by nailer on Monday May 01, 2023 @12:54PM (#35775592)

Why do precious metals have inherent value?

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Re:Funds of every Trust Wallet browser extension could have ... by wycliffb on Monday May 01, 2023 @09:22AM (#35772450)

They are precious

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Re:Funds of every Trust Wallet browser extension could have ... by throwawaycities on Monday May 01, 2023 @09:44AM (#35772682)

A metal such as gold has both intrinsic and extrinsic value from the time of antiquity to modern day.

For one, gold, enables the electronic device you used to post your comment.

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Re:Funds of every Trust Wallet browser extension could have ... by codedokode on Monday May 01, 2023 @11:04AM (#35773787)

Then why did it have value before semiconductor manufacturing?

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Re:Funds of every Trust Wallet browser extension could have ... by Robotbeat on Monday May 01, 2023 @09:07PM (#35781776)

Jewelry and it doesn't rust or erode.

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Re:Funds of every Trust Wallet browser extension could have ... by dale_glass on Monday May 01, 2023 @10:01AM (#35772879)

They're relatively useless for other purposes. Eg, gold is rare, heavy and malleable. In situations where you need those qualities other options exist, like lead. It has the advantage of not oxidizing, so it makes for great jewelry.

But all of that is extremely contextual. If it turns out there's a huge reserve of it somewhere, it will crash in value. Or if things crash badly enough there may be other things to worry about. Eg, a community that desperately needs water is probably more interested in pipes than gold.

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Re:Funds of every Trust Wallet browser extension could have ... by justinator on Monday May 01, 2023 @10:33AM (#35773317)

Gold is far from useless - I’ll wager whatever hardware you typed that comment on is made up in small part with gold.

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Re:Funds of every Trust Wallet browser extension could have ... by codedokode on Monday May 01, 2023 @10:58AM (#35773690)

Only a tiny amount of gold is used in electronics. Also, this doesn't explain why people were greedy for gold thousands years before.

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Re:Funds of every Trust Wallet browser extension could have ... by justinator on Monday May 01, 2023 @01:29PM (#35776183)

>Only a tiny amount of gold is used in electronics.

That's what interesting - only a tiny amount of gold is needed. This wouldn't work with lead.

>this doesn't explain why people were greedy for gold thousands years before.

You're asking me to do this research?

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Re:Funds of every Trust Wallet browser extension could have ... by tremon on Monday May 01, 2023 @10:01AM (#35772887)

Because the community believes their value will outlast the currency system. People have believed the same thing about tulips, peppercorn, wine, and buildings (or rather, land).

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Re:Funds of every Trust Wallet browser extension could have ... by Robotbeat on Monday May 01, 2023 @10:26AM (#35773216)

Well there’s residual value in metals as you can build stuff with it. Agree that the vast majority of the value of precious metals is contextual, but I guess you can appeal to human’s love of shiny stuff plus history, beyond just community context.

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Re:Funds of every Trust Wallet browser extension could have ... by codedokode on Monday May 01, 2023 @11:03AM (#35773771)

Land is still very valuable today, especially if it is a land in the center of a city.

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