Quote from: iamnotback on March 09, 2017, 11:16:46 PM

@dinofelis regarding our discussion of the utility of Bitcoin:

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.

The market is telling you that Bitcoin is the reserve currency of the experimentation that will unleash all that utility that crypto-currency and blockchains can do which precious metals never can. Bitcoin is now at parity with gold.

Hell, how can you write that ? Arbitrary choice of units, comparing 1/16 000 000 of market cap (a "bitcoin", vs mbitcoin, satoshi...) with one ounce of gold (why not a kg, a tonne, ...), which represents grossly 1/ 10^10 of the total amount of gold. At this moment, bitcoin is less than 1/1000 of gold, and we're counting all lost coins in. Probably the true market cap of bitcoin is closer to half of the official 16 million coins. There's Satoshi's lost stash, there are a lot of lost address keys (especially in the beginning of bitcoin)...

It is amazing that you contradict your own prediction, which was brilliant, now that it is being realized: the scalocalypse. It is happening right under our nose now. So this will delegate bitcoin to the status of reserve currency for BIG PLAYERS (which are, most of the time, conservative dudes).

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The pattern of Android below is what crypto is going to do relative to precious metals:

Android has no scaling problem. I would rather say that in as much as this comparison is valid, you are looking at the evolution of alt coins, which are what android is like: many different flavours of the same idea.