Quote:
Originally Posted by Skybird
I speak of crypto currency regarding the intended function. But it is no commodity whatever. "Bitcoin" is a (security) tehcnology.
Centrla banks, aka states and national govenrments, will never accept crypto currency to become a real rival to state's counterfeit money. And yes. It can be banned and controlled.
Gold cna be taken and hidden away. It is materially exoitsnt. crpyto currency is just an idea, a flow of electrons in a wire, bits and bytes. Nothing. The astronomical ammount of energy used to "mine" (how wrong) bitcoins, is perverse.
Its an interesting security technology, the blockchain. But it is no material commodity at all.
Many people seem to fundamentally misunderstand this.
Also, how criminal syndicates can secretly control and manipulate crypto currency systems.
If you want to comoare crypto currencies and metals, then comoare not to metal itself, but the paper form of it, whcih is no metal at all. People accepting to buy paper gold for protection reasons, have a very fundamental flaw in their tuunking: a piece of paper is no solid gold.
States and governments know this, thats why they so often try prohibit private possession of gold. I fear its only a question of time before they do it again in our countries.
Because, as you maybe remember: "Niemand hat die Absicht, eine Mauer zu bauen." (Walter Ulbricht, June 1961, two months before the wall in Berlin was built).
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Fair enough, you do you, I do agree with about half of your points but perhaps not the point about governments ability to easily enforce a ban on something global and decentralised, its already been tried multiple times by China and Inda, failed miserably and nobody cared. Doubtful a US or EU ban would fair much better in the long term.
and also where criminal syndicate manipulation of BTC is concerned, that honestly sounds abit like Chrisine Lagaurda propaganda. So i have ill to pass on that.
Also dont quite agree you need to be able to physically touch something for it to hold value, other wise by the same logic, stocks of big tech companies like Open AI, MS, Alphabet or Meta dont really hold any value either. since that too is all just a bunch of 1's and 0's
I dont doubt that at some point this century Bitcoin will either, fade in to irrelivance, or implode horribly when a quantum computer cracks it and somehow mints a 21,000,001th bitcoin.
but so what? Everything is finite, everythign has risk, is all that paper gold (which most gold poeple own Im afraid) backed up one to one and accounted for? probably not and what happens if the lid gets blown off that one during a run on gold?, plus more of it is mined everyday and when earth runs out there is more in space, so even Golds reign as a store of value will have end one day. But once again - so what? There is no such thing as 100% safe asset/security/store of value what have you. Gov can sieze your gold, or seize your house just as easily as seize your bitcoin.
We only need to really concern our selves with the present and perhaps a 10-15 year time span when it comes to investments, because 20+ years down the road is near impossible to accuratly predict. Even if you nail the right events, the timing of them will probably be some way off.
And in this case, BTC has quite simply outperformed everything, So it makes more sense to hold a little bit than wave an angry fist at the new thing which doesnt make sense, from the side lines. That usually doesnt pay off very well when it comes to new innovations. Im willing to wager both gold and bitcoin will out live me, Bitcoin is 'probably' going to pay off my mortgage by next year, the same investment in gold almost certianly would not have Unless we fiat collapes this year, but think there is still abit more can kicking road left than that.
So i guess it just depends what you want. If we are talking of an epic collapes, (since the lights need to be on to transact in bitcoin). then gold is almost certainly a safer bet, food and guns even safer. For me personally, Bitcoin did its job.