Quote from: r0ach on March 09, 2017, 08:55:50 PM

Quote from: sidhujag on March 09, 2017, 08:32:05 PM

Cryptocurrency offers more utility than gold can ever imagine

The only purpose of metals as currency is to remove counter party risk while also satisfying a few other traits of money such as divisibility, durability, portability, fungibility, etc. Bitcoin doesn't actually remove counter party risk at all. It's also not fungible and any crypto that's not fungible is a permissioned ledger by default. Nor is it a valid store of generational wealth like gold and silver because the entire thing can just blow up at random.

Therefore, the only thing bitcoin really does better is portability and a bit better granularity (with the added inconvenience of giant technical burden). In current state you have to be flat out lying to say bitcoin beats gold and silver as money. It's clearly inferior and there is no evidence that relationship will change anytime soon (beyond wild claims by Anonymintcoin). Bitcoin is only a currency and gold and silver are money; there's a big difference.

Bitcoin is better but cryptocurrency itself is CAN be better, this is just because I'm not sure that the race to energy efficiency is enough to classify as an asymptotical ideal currency metric when indirectly tying supply to an auditable "work" metric. Gold does not top cryptocurrency in any of the bolded properties, its unlimited supply that can be mined at random and thus value becomes random aswell, we don't know how much there actually is and how much there ever will be at any given time and its not controlled thus fiat is better than gold and bitcoin is better than fiat but another crypto might be better than bitcoin if and only if a more direct inflation/deflation mechanism design is seen to be better by the market such that it makes the indirect energy-efficiency race of miners irrelevant and classifies itself as an asymptotically more ideal form of money. Gold bugs are a dying breed they don't know why yet but it will be crystal clear soon enough.

Its growing right in your face roach, the market has already reacted and we would have seen it die off by now. Markets never look back remember that.