Post
Topic
Board Bitcoin Discussion
Re: The $1000 Bitcoin, yes it's worth at least that.
by
Timo Y
on 17/05/2011, 12:05:53 UTC
imagine if this was 1850 ...

I think that gold and silver horses will be the most widely used money form of transport, as they have been for the last 5,000 years of human history, and bitcoin railways will merely be measured in grams of gold instead of dollars used by the rich.

Careful with using history as a guide.  Longevity by itself does not guarantee stability.

There is nothing special about gold.  The only reason it has lasted as a money for 5,000 years is because there was no superior alternative for certain financial needs.  P2P cryptocurrencies may change that situation in a very short time.

IMO there is a real possiblility that gold will lose its status as a major exchange vehicle within less than a decade.  The result will be a crash in the price of gold that reflects its value in jewellery and electronics alone.